<SEC-DOCUMENT>0001387131-13-002500.txt : 20130711
<SEC-HEADER>0001387131-13-002500.hdr.sgml : 20130711
<ACCEPTANCE-DATETIME>20130711171045
ACCESSION NUMBER:		0001387131-13-002500
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20130531
FILED AS OF DATE:		20130711
DATE AS OF CHANGE:		20130711

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PURE CYCLE CORP
		CENTRAL INDEX KEY:			0000276720
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				840705083
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		13964432

	BUSINESS ADDRESS:	
		STREET 1:		500 E 8TH AVE
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		500 E 8TH AVE
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>pyco-10q_053113.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Washington, D.C. 20549</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the quarterly period ended: <font style="DISPLAY: inline; FONT-WEIGHT: bold">May 31, 2013</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">or</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 12pt" face="Wingdings">o</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the transition period from __________ to __________</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Commission file number <font style="DISPLAY: inline; FONT-WEIGHT: bold">0-8814</font></font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td colspan="5" valign="top" width="100%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 24pt; FONT-WEIGHT: bold">PURE CYCLE CORPORATION</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
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<td valign="top" width="48%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Colorado</font></div>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="48%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">84-0705083</font></div>
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<td valign="top" width="48%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(State or other jurisdiction of incorporation or organization)</font></div>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="48%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(I.R.S. Employer Identification Number)</font></div>
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<td valign="top" width="48%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="48%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="48%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1490 Lafayette Street, Suite 203, Denver, CO</font></div>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="48%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">80218</font></div>
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<td valign="top" width="48%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Address of principal executive offices)</font></div>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="48%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Zip Code)</font></div>
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<td valign="top" width="48%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="48%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td colspan="5" valign="top" width="100%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(303) 292 &#8211; 3456</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Registrant&#8217;s telephone number, including area code)</font></div>
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<td colspan="3" valign="top" width="100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td colspan="5" valign="top" width="100%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td colspan="5" valign="top" width="100%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Former name, former address and former fiscal year, if changed since last report)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Yes <font style="DISPLAY: inline;" face="Wingdings">x</font> No <font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Yes <font style="DISPLAY: inline;" face="Wingdings">x</font> No <font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act.</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Large accelerated filer <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accelerated filer&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
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<td valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Non-accelerated filer&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font> (Do not check if a smaller reporting company)</font></div>
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<td valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Smaller Reporting Company <font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is a shell company filer (as defined in Rule 12b-2 of the Exchange Act).</font></div>

<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Yes <font style="DISPLAY: inline;" face="Wingdings">o</font> No <font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate the number of shares outstanding of each of the issuer&#8217;s classes of common stock, as of July 11, 2013:</font></div>

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<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Common stock, 1/3 of $.01 par value</font></font></div>
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<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">24,037,596</font></font></div>
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<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Class)</font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="45%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Number of Shares)</font></div>
</td>
</tr></table>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>

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<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">INDEX TO MAY 31, 2013 FORM 10-Q</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Page</font></font></div>
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<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART I - FINANCIAL INFORMATION</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Item 1 &#8211; Consolidated Financial Statements (unaudited)</font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a001">Consolidated Balance Sheets:</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a001">May 31, 2013 (unaudited) and August 31, 2012</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a003">Consolidated Statements of Comprehensive Loss:</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a003">For the three months ended May 31, 2013 and 2012</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font></div>
</td>
</tr><tr>
<td valign="top" width="86%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a004">For the nine months ended May 31, 2013 and 2012</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a005">Consolidated Statements of Cash Flows:</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a005">For the nine months ended May 31, 2013 and 2012</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a006">Notes to Consolidated Financial Statements</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a007">Item 2 &#8211; Management's Discussion and Analysis of Financial Condition and Results of Operations</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a008">Item 3 &#8211; Quantitative and Qualitative Disclosures About Market Risk</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a009">Item 4 &#8211; Controls and Procedures</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a href="#a010">PART II &#8211; OTHER INFORMATION</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a011">Item 1 &#8211; Legal Proceedings</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a007">Item 1A <font style="DISPLAY: inline; TEXT-DECORATION: underline"><font color="#0066cc">&#8211;&#160; Risk Factors</font></font></a></font></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="top" width="8%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a013">Item 6 &#8211; Exhibits</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></div>
</td>
</tr><tr>
<td valign="top" width="86%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="86%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#a014">Signature Page</a></font></div>
</td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34</font></div>
</td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="A001">CONSOLIDATED BALANCE SHEETS</a></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ASSETS:</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">August 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current assets:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(unaudited)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,069,427</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,623,517</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Marketable securities</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,101,367</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Trade accounts receivable, net</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">271,491</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">135,458</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current portion of receivable from HP A&amp;M</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,597,952</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,456,857</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Prepaid expenses</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">262,988</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">279,782</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current portion of construction proceeds receivable</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">64,783</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total current assets</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,201,858</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,661,764</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investments in water and water systems, net</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88,586,111</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88,510,359</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Land - Sky Ranch</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,770,638</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,778,464</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Land and water held for sale</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,748,630</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,748,630</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Construction proceeds receivable, less current portion</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">226,879</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Note receivable - related party:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Rangeview Metropolitan District, including accrued interest</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">552,949</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">543,945</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Receivable from HP A&amp;M, less current portion</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,093,365</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other assets</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">108,136</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18,671</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total assets</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">108,968,322</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">111,582,077</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIABILITIES:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current liabilities:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accounts payable</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">121,792</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">261,383</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current portion of promissory notes payable</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,836,358</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,340,890</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued liabilities</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">196,217</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">172,630</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">147,949</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65,384</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred oil and gas lease payment</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">328,130</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">414,480</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total current liabilities</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,630,446</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,254,767</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred revenues, less current portion</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,248,567</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,297,605</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred oil and gas lease payment, less current portion</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">224,510</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Promissory notes payable, less current portion</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,094,904</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,209,329</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Participating Interests in Export Water Supply</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,192,393</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,208,928</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tap Participation Fee payable to HP A&amp;M, </font>net of $42 million and $45 million discount, respectively</font></div>
</div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70,685,795</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">68,269,176</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total liabilities</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">81,852,105</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">81,464,315</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Commitments and contingencies</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SHAREHOLDERS&#8217; EQUITY:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Preferred stock:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Series B - par value $.001 per share; 25 million shares authorized; </font>432,513 shares issued and outstanding (liquidation preference of $432,513)</font></div>
</div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">433</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">433</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Common stock:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Par value 1/3 of $.01 per share; 40 million shares authorized; </font>24,037,596 shares outstanding both periods presented</font></div>
</div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80,130</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80,130</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Additional paid-in capital</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103,463,122</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103,420,870</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated comprehensive loss</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,081</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated deficit</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(76,427,468</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(73,382,590</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total shareholders' equity</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,116,217</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,117,762</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total liabilities and shareholders&#8217; equity</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">108,968,322</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">111,582,077</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See Accompanying Notes to Consolidated Financial Statements</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="A003">CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS</a></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Three Months Ended:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Metered water usage</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,666</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,301</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wastewater treatment fees</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,069</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,315</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operations</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">296,085</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Special facility funding recognized</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,377</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,377</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water tap fees recognized</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,574</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,574</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,673</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">413,444</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57,567</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expenses:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water service operations</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(59,552</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16,779</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wastewater service operations</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,898</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,429</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operations</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(27,867</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depletion and depreciation</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(22,198</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(22,114</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total cost of revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(114,515</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(44,322</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross margin</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">298,929</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,245</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General and administrative expenses</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(460,479</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(621,243</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(55,481</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(55,574</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating loss</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(217,031</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(663,572</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other income (expense):</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Oil and gas lease income, net</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103,620</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">104,580</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest income</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,762</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,837</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,395</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(791</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(73,627</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(871,864</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(872,980</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net loss</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,052,745</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,419,926</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unrealized gain (loss) on marketable securities</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">56</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(720</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Comprehensive Loss</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,052,689</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,420,646</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net loss per common share &#8211; basic and diluted</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.06</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted average common shares outstanding &#8211; basic and diluted</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,037,596</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,037,596</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See Accompanying Notes to Consolidated Financial Statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -36pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="center"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="A004">CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS</a></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nine Months Ended:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Metered water usage</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">240,593</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98,301</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wastewater treatment fees</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,384</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,944</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operations</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">963,935</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Special facility funding recognized</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,131</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water tap fees recognized</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,721</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,722</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,603</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,286,367</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">175,098</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expenses:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water service operations</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(137,820</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(48,496</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wastewater service operations</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,842</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,944</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operations</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(73,967</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depletion and depreciation</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(66,514</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(66,304</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(20,673</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total cost of revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(311,816</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(130,744</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross margin</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">974,551</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,354</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General and administrative expenses</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,602,130</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,804,474</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(165,308</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(164,066</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating loss</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(792,887</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,924,186</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other income (expense):</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Oil and gas lease income, net</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">310,860</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">319,379</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest income</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,429</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,415</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,176</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,912</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(176,837</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,416,619</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,586,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net loss</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,044,878</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,145,260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unrealized gain on marketable securities</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,081</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,715</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Comprehensive Loss</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,043,797</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,142,545</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net loss per common share &#8211; basic and diluted</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted average common shares outstanding &#8211; basic and diluted</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,037,596</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,037,596</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See Accompanying Notes to Consolidated Financial Statements</font></div>

<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="A005">CONSOLIDATED STATEMENTS OF CASH FLOWS</a></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nine Months Ended</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="60%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash flows from operating activities:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net loss</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,044,878</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,145,260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Adjustments to reconcile net loss to net cash </font>used for operating activities:</font></div>
</div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Imputed interest on Tap Participation Fee payable to HP A&amp;M</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,416,619</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,586,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation, depletion and other non-cash items</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">231,822</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">230,370</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest accrued on agriculture land promissory notes</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">67,383</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stock-based compensation expense</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,252</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,257</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest income and other non-cash items</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,763</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,085</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest added to receivable from Rangeview Metropolitan District</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(9,004</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(9,037</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest added to construction proceeds receivable</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14,786</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Changes in operating assets and liabilities:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Trade accounts receivable</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(136,033</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,381</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Prepaid expenses</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,794</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(20,541</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">HP A&amp;M Receivable</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(462,730</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sky Ranch #5 Receivable</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(57,123</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accounts payable and accrued liabilities</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(116,004</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,045</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33,527</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(41,852</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred income- oil &amp; gas lease</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(310,860</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(310,860</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash used&#160;in operating activities</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,326,472</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,594,418</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash flows from investing activities:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sales and maturities of marketable securities</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,101,367</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,022,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Purchase of marketable securities</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,234,967</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investments in water, water systems, and land</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(298,772</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(68,855</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Purchase of property and equipment</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(34,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,894</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Proceeds from sale of collateral stock</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,415,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash provided by investing activities</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,183,595</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,714,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash flows from financing activities:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Arapahoe County construction proceeds</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">291,662</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">54,798</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Payments to contingent liability holders</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16,535</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,520</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Payments made on promissory notes payable</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,686,340</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash (used in) provided by financing activities</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,411,213</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,278</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net change in cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,445,910</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">171,610</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash and cash equivalents &#8211; beginning of period</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,623,517</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">71,795</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash and cash equivalents &#8211; end of period</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,069,427</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">243,405</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See Accompanying Notes to Consolidated Financial Statements</font></div>

<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a name="A006">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</a></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MAY 31, 2013</font></div>

<br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1 &#8211; PRESENTATION OF INTERIM INFORMATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The May 31, 2013 consolidated balance sheet, the consolidated statements of comprehensive loss for the three and nine months ended May 31, 2013 and 2012, respectively and the consolidated statements of cash flows for the nine months ended May 31, 2013 and 2012, respectively, have been prepared by Pure Cycle Corporation (the &#8220;Company&#8221;) and have not been audited. In the opinion of management, all adjustments necessary to present fairly the financial position, results of operations and cash flows at May 31, 2013, and for all periods presented have been made appropriately.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2012 Annual Report on Form 10-K (the &#8220;2012 Annual Report&#8221;) filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on November 28, 2012. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year. The August 31, 2012 balance sheet was derived directly from the Company&#8217;s audited financial statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Use of Estimates</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cash and Cash Equivalents</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&#8217;s cash equivalents are comprised entirely of money market funds maintained at a high quality financial institution in an account which at various times during the three and nine months ended May 31, 2013, exceeded federally insured limits. At various times during the three and nine months ended May 31, 2013, the Company&#8217;s main operating account exceeded federally insured limits.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Instruments &#8211; Concentration of Credit Risk and Fair Value</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and marketable securities. The Company places its cash equivalents and investments with high quality financial institutions. The Company invests its cash primarily in certificates of deposits, money market instruments, and U.S. government treasury obligations. To date, the Company has not experienced significant losses on any of these investments.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair value of the Note Receivable &#8211; related party Rangeview Metropolitan District (the &#8220;District&#8221;) is not practical to estimate due to the related party nature of the underlying transaction.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Receivable from HP A&amp;M &#8211; </font>As described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Long-Term Obligations and Operating Lease</font> below, HP A&amp;M defaulted on certain promissory notes payable to third parties which are secured by real property and water rights owned by the Company. To protect its property and water rights, the Company has purchased certain of the HP A&amp;M notes. The Company has the right to recover from HP A&amp;M all costs and expenses, including reasonable attorneys&#8217; fees, incurred by the Company in curing the defaulted notes and in protecting its right and title to the property and water rights securing the notes. The Company has recorded the entire amount of the HP A&amp;M notes purchased by the Company and the value of remaining notes the Company is currently negotiating to purchase as a receivable from HP A&amp;M net of the $3.4 million in proceeds received from the sale of 1.5 million shares of the Company&#8217;s Common Stock held as pledged assets. The short term portion of the receivable represents the amount of the defaulted promissory notes payable by HP A&amp;M which were purchased by the Company as of May 31, 2013, due within the next 12 months. The carrying value of the accounts receivable approximate the fair value as the rates are comparable to market rates.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Long-term Financial Liabilities</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>The Comprehensive Amendment Agreement No. 1 (the &#8220;CAA&#8221; as further described in Note 4 &#8211;<font style="FONT-STYLE: italic; DISPLAY: inline"> Long-Term Obligations and Operating Lease</font> below) is comprised of a recorded balance and an off-balance sheet or &#8220;contingent&#8221; obligation associated with the Company&#8217;s acquisition of its &#8220;Rangeview Water Supply&#8221; (defined in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets </font>to the 2012 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &#8220;Export Water&#8221; (defined in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the 2012 Annual Report). Because of the uncertainty of the sale of&#160;&#160;Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The recorded balance of the &#8220;Tap Participation Fee&#8221; liability (as described below and in Note 4 -<font style="FONT-STYLE: italic; DISPLAY: inline"> Long-Term Obligations and Operating Lease</font> below) is its estimated fair value determined by projecting new home development in the Company&#8217;s targeted service area over an estimated development period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Notes Payable &#8211; </font>As of May 31, 2013, the Company has acquired approximately $6.9 million of the $9.6 million of promissory notes that are payable by HP A&amp;M to third parties. These promissory notes were acquired with cash payments of approximately $1.4 million and the issuance of approximately $5.6 million of notes by the Company, the majority of which have a five-year term, bear interest at an annual rate of five percent (5%), and require semi-annual payments with a straight-line amortization schedule. The carrying value of the notes payable approximate the fair value as the rates are comparable to market rates.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This note should be read in conjunction with Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Long-Term Obligations and Operating Lease</font> below.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the Asset Purchase Agreement (the &#8220;Arkansas River Agreement&#8221;) dated May 10, 2006, the Company is obligated to pay HP A&amp;M a defined percentage of a defined number of water tap fees the Company receives after the date of the Arkansas River Agreement. A Tap Participation Fee is due and payable once the Company has sold a water tap and received the consideration due for such water tap. The Company did not sell any water taps during the three or nine months ended May 31, 2013 or 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company imputes interest expense on the unpaid Tap Participation Fee using the effective interest method over an estimated period which is utilized in the valuation of the liability. The Company imputed interest of $871,900 and $873,000 during the three months ended May 31, 2013 and 2012, respectively. The Company imputed interest of $2,416,600 and $2,586,800 during the nine months ended May 31, 2013 and 2012, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company recognized $10,400 of &#8220;Special Facilities&#8221; (defined in the 2012 Annual Report) funding as revenue during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $31,100 of Special Facilities funding as revenue during each of the nine months ended May 31, 2013 and 2012, respectively. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the 2012 Annual Report.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of May 31, 2013, the Company has deferred recognition of $1.3 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Farm Operations &#8211; </font>The Company leases its Arkansas River water and land to area farmers who actively farm the properties. Prior to August 3, 2012, pursuant to a property management agreement between HP A&amp;M and the Company (the &#8220;Property Management Agreement&#8221;), HP A&amp;M received a management fee equal to 100% of the income from the land and water leases. As a result, the Company presented its land and water lease income net of the management fees paid to HP A&amp;M. Effective August 3, 2012, the Company terminated the Property Management Agreement due to a default by HP A&amp;M on certain promissory notes secured by deeds of trust on the land and water purchased by the Company from HP A&amp;M in 2006. Effective August 3, 2012, the Company manages the land and water leases and the income from the land and water leases became payable to the Company. Pursuant to the farm lease agreements, the Company bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual water deliveries by the Fort Lyon Canal Company (&#8220;FLCC&#8221;) or are based on crop yields. Subsequent to August 3, 2012, the Company records farm lease income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases. The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as of May 31, 2013, was determined by the Company&#8217;s specific review of all past due accounts. The Company has recorded allowances for doubtful accounts totaling $41,100 and $20,400 as of May 31, 2013 and August 31, 2012, respectively. As of May 31, 2013 the company has recorded deferred revenue of $82,565 on its farm income related to billings for future periods. The Company manages the farm lease business as a separate line of business from the wholesale water and wastewater business.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Oil and Gas Lease Payments &#8211;&#160;&#160;</font>As further described in Note 2 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Summary of Significant Accounting Policies</font>&#160;to the 2012 Annual Report, on March 10, 2011, the Company entered into a Paid-Up Oil and Gas Lease (the &#8220;O&amp;G Lease&#8221;) and a Surface Use and Damage Agreement (the &#8220;Surface Use Agreement&#8221;) with Anadarko E&amp;P Company, L.P. (&#8220;Anadarko&#8221;), a wholly owned subsidiary of Anadarko Petroleum Company. In December of 2012 the O&amp;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips Company. Pursuant to the O&amp;G Lease, during the year ended August 31, 2011, the Company received up-front payments of $1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of mineral estate owned by the Company at its &#8220;Sky Ranch&#8221; property (described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the 2012 Annual Report). The Company began recognizing the up-front payments as income on a straight-line basis over three years (the initial term of the O&amp;G Lease) on March 10, 2011. During the three months ended May 31, 2013 and 2012, the Company recognized $103,600 and $104,600, respectively, of income and royalty related to the up-front payments received pursuant to the O&amp;G Lease. During the nine months ended May 31, 2013 and 2012, the Company recognized $310,900 and $319,400, respectively, of income and royalty related to the up-front payments received pursuant to the O&amp;G Lease.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company recognized $19,200 and $2,100 of share-based compensation expense during the three months ended May 31, 2013 and 2012, respectively. During each of the nine months ended May 31, 2013 and 2012, the Company recognized $42,300 of share-based compensation expense.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Income taxes</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company uses a "more-likely-than-not" threshold for the recognition and de-recognition of tax positions, including any potential interest and penalties relating to tax positions taken by the Company. The Company did not have any significant unrecognized tax benefits as of May 31, 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal 2010 through fiscal 2012. The Company does not believe there will be any material changes in its unrecognized tax positions over the next twelve months.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At May 31, 2013, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or nine months ended May 31, 2013 and 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Loss per Common Share</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Loss per common share is computed by dividing net loss by the weighted average number of shares outstanding during each period. Common stock options and warrants aggregating 247,600 and 263,100 common share equivalents were outstanding as of May 31, 2013 and 2012, respectively, and have been excluded from the calculation of loss per common share as their effect is anti-dilutive.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Recently Issued Accounting Pronouncements</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company&#8217;s consolidated financial statements properly reflect the change.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In June 2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2011-05, <font style="FONT-STYLE: italic; DISPLAY: inline">Comprehensive Income (Topic 220) &#8211; Presentation of Comprehensive Income</font> (&#8220;ASU 2011-05&#8221;). ASU 2011-05 requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. ASU 2011-05 is effective for fiscal years beginning after December 15, 2011 (September 1, 2012 for the Company). The adoption of ASU 2011-05 did not have a material impact on its results of operations, financial condition or cash flows.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In February 2013, the FASB issued ASU No. 2013-02, <font style="FONT-STYLE: italic; DISPLAY: inline">Comprehensive Income (Topic 220) -</font> <font style="FONT-STYLE: italic; DISPLAY: inline">Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income</font> (&#8220;ASU 2013-02). ASU 2013-02 finalizes Proposed ASU No. 2012-240, and seeks to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. ASU 2013-02 is effective <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">prospectively for reporting periods beginning after December 15, 2012 (September 1, 2013 for the Company). The adoption of ASU 2013-02 will not have a material impact on its results of operations, financial condition or cash flows.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 2<font style="FONT-STYLE: italic; DISPLAY: inline"> &#8211; </font>FAIR VALUE MEASUREMENTS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Level 1 &#8212; Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. The Company had none of these instruments at May 31, 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Level 2 &#8212; Valuations for assets and liabilities obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company had no Level 2 assets or liabilities at May 31, 2013.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Level 3 &#8212; Valuations for assets and liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The Company had one Level 3 liability at May 31, 2013, the Tap Participation Fee liability, which is described in greater detail in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Long-Term Obligations and Operating Lease</font> below.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company maintains policies and procedures to value instruments using the best and most relevant data available.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company&#8217;s non-financial assets measured at fair value on a non-recurring basis consist entirely of its investments in water and water systems and other long-lived assets. See Note 3 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Investment in Water, Water Systems, Land and Improvements</font> below.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Level 3 Liability &#8211; Tap Participation Fee. </font>The Company&#8217;s Tap Participation Fee liability is the Company&#8217;s only financial liability measured on a non-recurring basis. As further described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Long-Term Obligations and Operating Lease</font>, the Tap Participation Fee liability is valued by projecting new home development in the Company&#8217;s targeted service area over an estimated development period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of May 31, 2013:</font></div>

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<td colspan="2" valign="bottom" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70,685,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70,685,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70,685,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="7%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although not required, the Company deems the following table, which presents the changes in the Tap Participation Fee for the nine months ended May 31, 2013, to be helpful to the users of its consolidated financial statements:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MAY 31, 2013</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
</div>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fair Value Measurement using Significant Unobservable Inputs (Level 3)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross Estimated Tap Participation Fee Liability</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tap Participation Fee Reported Liability</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Discount - to be imputed as interest expense in future periods</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="46%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at August 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">112,958,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">68,269,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,688,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="46%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total gains and losses (realized and unrealized):</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="46%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Imputed interest recorded as &#8220;Other Expense&#8221;</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,416,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,416,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="46%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transfers in and/or out of Level 3</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="46%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at May 31, 2013</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">112,958,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70,685,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,272,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 3 &#8211; INVESTMENTS IN WATER, WATER SYSTEMS, LAND AND IMPROVEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company&#8217;s water rights and current water and wastewater service agreements are more fully described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the 2012 Annual Report. There have been no significant changes to the Company&#8217;s water rights or water and wastewater service agreements during the three and nine months ended May 31, 2013.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company&#8217;s water, water systems, land and improvements consist of the following costs and accumulated depreciation and depletion at May 31, 2013 and August 31, 2012:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">August 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Costs</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated Depreciation and Depletion</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Costs</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated Depreciation and Depletion</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Arkansas River Valley assets</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">69,112,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,444,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">69,112,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,315,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Rangeview water supply</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,667,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,376,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sky Ranch water rights and other costs</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,930,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(72,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,924,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(50,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fairgrounds water and water system</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,899,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(600,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,899,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(534,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Rangeview water system</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">167,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(71,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">167,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(67,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water supply &#8211; other</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(21,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(19,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Totals</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,804,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,218,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,505,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,995,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net investments in water and water systems</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88,586,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88,510,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sky Ranch land and improvements, net</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,770,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,778,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total net investments in water, water systems, land and improvements</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92,356,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92,288,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Capitalized terms in this section not defined herein are defined in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the 2012 Annual Report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Depletion and Depreciation. </font>The Company recorded $100 of depletion charges during each of the three month periods ended May 31, 2013 and 2012. The Company recorded $300 of depletion charges during each of the nine month periods ended May 31, 2013 and 2012, respectively. This related entirely to the Rangeview Water Supply. No depletion is taken against the Arkansas River water or Sky Ranch Water Supply because the water located at these locations is not yet being utilized for its intended purpose as of May 31, 2013.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company recorded $77,600 of depreciation expense during each of the three months ended May 31, 2013 and 2012. The Company recorded $231,500 and $230,100 of depreciation expense during the nine months ended May 31, 2013 and 2012, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Land and Water Shares Held for Sale. </font>During fiscal 2012, management decided to sell certain farms in order to have cash flows sufficient to acquire the notes defaulted upon by HP A&amp;M and to meet the future obligations on the promissory notes the Company issued to purchase the defaulted notes owed by HP A&amp;M. The Company has entered into or is in the process of negotiating agreements to sell 1,471 acres of land along with 3,397 FLCC shares associated with this land. The assets held for sale total $5.7 million, which is the lower of cost or fair value less cost to sell.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">PURE CYCLE CORPORATION</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">MAY 31, 2013</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
</div>
</div>

<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 4 &#8211; LONG-TERM OBLIGATIONS AND OPERATING LEASE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Participating Interests in Export Water Supply and the Tap Participation Fee payable to HP A&amp;M are obligations of the Company that have no scheduled maturity dates. Therefore, these liabilities are not disclosed in tabular format, but they are described below.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Participating Interests in Export Water Supply</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company acquired its Rangeview Water Supply through various amended agreements entered into in the early 1990&#8217;s. The acquisition was consummated with the signing of the CAA in 1996. Upon entering into the CAA, the Company recorded an initial liability of $11.1 million, which represented the cash the Company received from the participating interest holders that was used to purchase the Company&#8217;s Export Water (described in greater detail in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the 2012 Annual Report). The Company agreed to remit a total of $31.8 million of proceeds received from the sale of Export Water to the participating interest holders in return for their initial $11.1 million investments. The obligation for the $11.1 million was recorded as debt, and the remaining $20.7 million contingent liability was not reflected on the Company&#8217;s balance sheet because the obligation to pay this is contingent on the sale of Export Water, the amounts and timing of which are not reasonably determinable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The CAA obligation is non-interest bearing, and if the Export Water is not sold, the parties to the CAA have no recourse against the Company. If the Company does not sell the Export Water, the holders of the Series B Preferred Stock are also not entitled to payment of any dividend and have no contractual recourse against the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As the proceeds from the sale of Export Water are received and the amounts are remitted to the external CAA holders, the Company allocates a ratable percentage of this payment to the principal portion (the Participating Interests in Export Water Supply<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>liability account) with the balance of the payment being charged to the contingent obligation portion. Because the original recorded liability, which was $11.1 million, was 35% of the original total liability of $31.8 million, 35% of each payment remitted to the CAA holders is allocated to the recorded liability account. The remaining portion of each payment, or 65%, is allocated to the contingent obligation, which is recorded on a net revenue basis.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In fiscal years 2007 and 2008, in order to reduce the long term impact of the CAA, the Company repurchased various portions of the CAA obligations in priority. The Company did not make any CAA acquisitions during the three or nine months ended May 31, 2013 and 2012. As a result of the acquisitions, and due to the sale of Export Water, as detailed in the table below, the remaining potential third party obligation at May 31, 2013, is $3.4 million:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="right" valign="bottom" width="30%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Export Water Proceeds Received</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Initial Export Water Proceeds to Pure Cycle</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total Potential Third party Obligation</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Participating Interests Liability</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Contingency</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Original balances</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8211;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">218,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,807,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,090,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,717,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" colspan="4" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Activity from inception until August 31, 2012:</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="30%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Acquisitions</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8211;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28,077,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(28,077,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(9,790,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(18,287,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Option payments - Sky Ranch </font>and The Hills at Sky Ranch</font></div>
</div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">110,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(42,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(68,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(23,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(44,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="30%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Arapahoe County tap fees *</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">533,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(373,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(159,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(55,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(104,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="30%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Export Water sale payments</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">111,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(77,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(33,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(21,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at August 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">754,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,802,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,468,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,208,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,259,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fiscal 2013 activity:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="30%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Export Water sale payments</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">158,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(110,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(47,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(30,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="30%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at May 31, 2013</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">912,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,692,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,421,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,192,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,229,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;* The Arapahoe County tap fees are less $34,522 in royalties paid to the Land Board.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">MAY 31, 2013</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The CAA includes contractually established priorities which call for payments to CAA holders in order of their priority. This means the first three payees receive their full payment before the next priority level receives any payment and so on until full repayment. The Company will receive $5.1 million of the first priority payout (the remaining entire first priority payout totals $7.3 million as of May 31, 2013).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Arkansas River Agreement Obligations</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">The Tap Participation Fee. </font>The $70.7 million Tap Participation Fee liability at May 31, 2013, represents the estimated discounted fair value of the Company&#8217;s obligation to pay HP A&amp;M 20% of the Company&#8217;s gross proceeds, or the equivalent thereof, from the sale of the next 19,427 water taps sold by the Company. Initially the obligation was to pay 10% of the Company&#8217;s gross proceeds, or the equivalent thereof, from the sale of 40,000 water taps sold after the date of the Arkansas River Agreement. The 40,000 water taps were reduced to 19,427 water taps as a result of (i) sales of Arkansas River Valley land in 2006 and 2009, (ii) the sale of unutilized water rights owned by the Company in the Arkansas River Valley in 2007, (iii) the election made by HP A&amp;M, effective September 1, 2011, pursuant to the Arkansas River Agreement, to increase the Tap Participation Fee percentage from 10% to 20%, and to take a corresponding 50% reduction in the number of taps subject to the Tap Participation Fee, and (iv) the allocation of 26.9% of the Net Revenues (defined as all lease and related income received from the farms less employee expenses, direct expenses for managing the leases and a reasonable overhead allocation) received by HP A&amp;M from management of the farm leasing operations&#160;from September 1, 2011 to August 3, 3012 prior to termination of the Property Management Agreement.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair value of the Tap Participation Fee liability is an estimate prepared by management of the Company. The fair value of the liability is based on discounted estimated cash flows subject to the Tap Participation Fee calculated by projecting future annual water tap sales for the number of taps subject to the Tap Participation Fee at the date of valuation. Future cash flows from water tap sales are estimated by utilizing the following historical information, where available:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New homes constructed in the area known as the 11-county &#8220;Front Range&#8221; of Colorado from the 1980&#8217;s through the valuation date. The Company utilized data for this length of time to provide development information over many economic cycles because the Company anticipates development in its targeted service area to encompass many economic cycles over the development period.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New home construction patterns for large master planned housing developments along the Front Range. The Company utilized this information because these developments are deemed comparable to projects anticipated to be constructed in the Company&#8217;s targeted service area (i.e. these master planned communities were located in predominately undeveloped areas on the outskirts of the Front Range).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Population growth rates for Colorado and the Front Range. Population growth rates were utilized to predict anticipated growth along the Front Range, which was used to predict an estimated number of new homes necessary to house the increased population.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Consumer Price Index since the 1980&#8217;s, which was utilized to project estimated future water tap fees.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Utilizing this historical information, the Company projected an estimated new home development pattern in its targeted service area sufficient to cover the sale of the water taps subject to the Tap Participation Fee at the date of the revaluation, which was September 1, 2011. The estimated proceeds generated from the sale of those water taps resulted in estimated payments to HP A&amp;M over the life of the projected development period of $120.6 million, which is an increase of $7.5 million from the previous valuation completed in fiscal 2009. The estimated payments to HP A&amp;M are then discounted to the current valuation date and the difference between the amount reflected on the Company&#8217;s balance sheet at the valuation date and the total estimated payments is imputed as interest expense over the estimated development time using the effective interest method. The implied interest rate for the most recent valuation was 5.3% which was a 1.0% decrease from the prior valuation completed in fiscal 2009. Based on review of the underlying assumptions used in the September 1, 2011 Tap Participation Fee valuation, there have not been any material changes to these assumptions, and therefore no revaluation of the Tap Participation Fee is deemed necessary.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">PURE CYCLE CORPORATION</font></font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">MAY 31, 2013</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Actual new home development in the Company&#8217;s service area and actual future tap fees inevitably will vary significantly from the Company&#8217;s estimates, which could have a material impact on the Company&#8217;s consolidated financial statements. An important component in the Company&#8217;s estimate of the value of the Tap Participation Fee, which is based on historical trends, is that the Company reasonably expects water tap fees to continue to increase in the coming years. Tap fees are market based and the continued increase in tap fees reflects, among other things, the increasing costs to acquire and develop new water supplies. Tap fees thus are partially indicative of the increasing value of the Company&#8217;s water assets. The Company continues to assess the value of the Tap Participation Fee liability and updates its valuation analysis whenever events or circumstances indicate the assumptions used to estimate the value of the liability have changed materially. The difference between the net present value and the estimated realizable value will be imputed as interest expense using the effective interest method over the estimated development period utilized in the valuation of the Tap Participation Fee.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The $70.7 million balance at May 31, 2013, includes $25.1 million of interest which has been imputed since the acquisition date, recorded using the effective interest method. Payment of the Tap Participation Fee may be accelerated in the event of a merger, reorganization, sale of substantially all assets, or similar transactions and in the event of bankruptcy and insolvency events.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Promissory Notes Payable by HP A&amp;M in Default. </font>60 of the 80 properties the Company originally acquired from HP A&amp;M are subject to outstanding promissory notes payable to third parties that are secured by deeds of trust on the Company&#8217;s properties and water rights, as well as mineral interests. HP A&amp;M has now defaulted on all of the promissory notes and informed the Company that it does not intend to pay any of the amounts owed. HP A&amp;M owed approximately $9.6 million of principal and accrued interest at the time of default. These promissory notes are secured by approximately 14,000 acres of land and 16,882 FLCC shares representing water rights owned by the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 2, 2012, the Company formally notified HP A&amp;M that its failure to pay the promissory notes constituted an Event of Default under the Seller Pledge Agreement (as defined below) and a default of a material covenant under the Arkansas River Agreement. The Company informed HP A&amp;M that unless such defaults were cured within thirty days, the Property Management Agreement would be terminated and the Company would proceed to exercise certain rights and remedies under the Arkansas River Agreement, the Seller Pledge Agreement, and the Property Management Agreement to protect its assets. The Company&#8217;s remedies at law and under the Arkansas River Agreement and related agreements include, but are not limited to, the right to (i) foreclose on 1,500,000&#160;shares of Pure Cycle common stock issued to HP A&amp;M and the proceeds therefrom (the &#8220;Pledged Shares&#8221;) which were pledged by HP A&amp;M pursuant to a pledge agreement (the &#8220;Seller Pledge Agreement&#8221;) to secure the payment and performance by HP A&amp;M of the promissory notes described above; (ii) reduce the Tap Participation Fee; (iii) terminate the Property Management Agreement; and (iv) recover damages caused by the defaults, including certain costs and attorneys&#8217; fees.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On August 3, 2012, the Company formally terminated the Property Management Agreement. On September 27, 2012, the Pledged Shares were sold at auction in a foreclosure sale for $2.35 per share, yielding approximately $3.42 million of proceeds to the Company (net of fees of $110,000). Pursuant to the Arkansas River Agreement, the Company may be entitled to reduce the Tap Participation Fee and recover damages caused by the defaults, including certain costs and attorney&#8217;s fees. The Company intends to pursue such remedies over the next 12 months.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To protect its land and water interests, during the nine months ended May 31, 2013, the Company purchased approximately $6.9 million of the $9.6 million notes payable by HP A&amp;M and is negotiating the purchase of the remaining $2.7 million with the holders. HP A&amp;M continues to be liable for making the required payments on the notes, and the Company is pursuing remedies to recover the costs and expenses, including reasonable attorneys&#8217; fees, incurred by the Company in protecting the rights and title to the land and water rights securing the notes payable by HP A&amp;M, including the costs incurred in purchasing the notes defaulted on by HP A&amp;M. The amount owed on the outstanding notes was approximately $6.6 million and $9.6 million at May 31, 2013 and August 31, 2012, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Operating Lease</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Effective December 18, 2012, the Company entered into an operating lease for 1,200 square feet of office space. The lease has a two year term with payments of $1,540 per month.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">MAY 31, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 5 &#8211; SHAREHOLDERS&#8217; EQUITY</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company maintains the 2004 Incentive Plan (the &#8220;Equity Plan&#8221;), which was approved by shareholders in April 2004. Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants pursuant to the Equity Plan. Pursuant to the Equity Plan, options to purchase shares of stock and restricted stock awards can be granted with exercise prices, vesting conditions and other performance criteria determined by the Compensation Committee of the Board. The Company initially reserved 1.6 million shares of common stock for issuance under the Equity Plan. At May 31, 2013, the Company had 1,318,311 common shares remaining that can be granted to eligible participants pursuant to the Equity Plan.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table summarizes the stock option activity for the Equity Plan for the nine months ended May 31, 2013:</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Number of Options</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted-Average Exercise Price</font></div>
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<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted-Average Remaining Contractual Term</font></div>
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<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Approximate Aggregate Instrinsic Value</font></div>
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</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Outstanding at beginning of period (Aug. 31, 2012)</font></div>
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<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">215,000</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.88</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 2%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Granted</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,500</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.15</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exercised</font></div>
</td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Forfeited or expired</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Outstanding at May 31, 2013</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">247,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.52</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">161,475</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Options exercisable at May 31, 2013</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">205,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">114,165</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table summarizes the activity and value of non-vested options as of and for the nine months ended May 31, 2013:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="60%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Number of Options</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted-Average Grant Date Fair Value</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Non-vested options outstanding at beginning of period</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.72</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Granted</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.36</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vested</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.50</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Forfeited</font></div>
</td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Options not vested at May 31, 2013</font></div>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,500</font></td>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.28</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All non-vested options are expected to vest. The total fair value of options vested during the three and nine months ended May 31, 2013 and 2012 was $18,800 and $38,900, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Stock-based compensation expense for the three months ended May 31, 2013 and 2012, was $19,200 and $13,600, respectively. Stock-based compensation expense for the nine months ended May 31, 2013 and 2012, was $42,300 and $42,300, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At May 31, 2013, the Company had unrecognized expenses relating to non-vested options that are expected to vest totaling $51,200 which have a weighted average life of less than 1 year. The Company has not recorded any excess tax benefits to additional paid-in capital.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 6 &#8211; RELATED PARTY TRANSACTIONS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 16, 2009, the Company entered into a Participation Agreement with the District, whereby the Company agreed to provide funding to the District in connection with the District joining the South Metro Water Supply Authority (&#8220;SMWSA&#8221;). During the three months ended May 31, 2013 and 2012, the Company provided $50,000 and $7,000 of funding to the District pursuant to the Participation Agreement, respectively. During the nine months ended May 31, 2013 and 2012, the Company provided $89,500 and $39,700 of funding to the District pursuant to the Participation Agreement, respectively.&#160;&#160;These amounts were expensed at the time of funding.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">MAY 31, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 1995, the Company extended a loan to the District, a related party. The loan provided for borrowings of up to $250,000, is unsecured, bears interest based on the prevailing prime rate plus 2% (5.25% at May 31, 2013) and matures on December 31, 2013. The Company intends to extend the maturity date of the loan to December 31, 2014. The $552,900 balance of the note receivable at May 31, 2013, includes borrowings of $229,300 and accrued interest of $323,600.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 7 &#8211; SIGNIFICANT CUSTOMERS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company sells wholesale water and wastewater services to the District pursuant to the Rangeview Water Agreements (defined in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the 2012 Annual Report). Sales to the District accounted for 36% and 57% of the Company&#8217;s total water and wastewater revenues for the three months ended May 31, 2013 and 2012, respectively. Sales to the District accounted for 41% and 79% of the Company&#8217;s water and wastewater revenues for the nine months ended May 31, 2013 and 2012, respectively. The District has one significant customer. Pursuant to the Rangeview Water Agreements the Company is providing water and wastewater services to this customer on behalf of the District. The District&#8217;s significant customer accounted for 31% and 37% of the Company&#8217;s total water and wastewater revenues for the three months ended May 31, 2013 and 2012, respectively. The District&#8217;s significant customer accounted for 35% and 49% of the Company&#8217;s water and wastewater revenues for the nine months ended May 31, 2013 and 2012, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Revenues from another customer represented approximately 49% and 50% of the Company&#8217;s water and wastewater revenues for the three and nine months ended May 31, 2013, respectively. The other customer had no revenues for the three and nine months ended May 31, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company had accounts receivable from the District which accounted for 12% and 16% of the Company&#8217;s trade receivables balances at May 31, 2013 and August 31, 2012, respectively. Accounts receivable from the District&#8217;s largest customer accounted for 10% and 13% of the Company&#8217;s trade receivables as of May 31, 2013 and August 31, 2012, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 8 &#8211; ACCRUED LIABILITIES</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At May 31, 2013, the Company had accrued liabilities of $196,200, of which $98,600 was for estimated property taxes, $44,500 was for professional fees, $27,900 was for farm lease prepayments, and $25,200 related to operating payables.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At August 31, 2012, the Company had accrued liabilities of $172,600, of which $60,500 was for estimated property taxes, $56,800 was for professional fees, $33,500 was for farm lease prepayments, and the remaining $21,800 related to operating payables.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is involved in various claims, litigation and other legal proceedings that arise in the ordinary course of its business. The Company records an accrual for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. The Company makes such estimates based on information known about the claims and experience in contesting, litigating and settling similar claims. Disclosures are also provided for reasonably possible losses that could have a material effect on the Company's financial position, results of operations or cash flows.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because each of the lawsuits below involves complex legal issues and uncertainties and are in the early stages of litigation, the Company has determined that no accruals for losses related to the lawsuits&#160;are reasonably estimable or deemed reasonably likely at this time.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As discussed in a Form 8-K filed on December 19, 2011, on that date the Company and the District filed a lawsuit against the State of Colorado by and through the Land Board. The complaint was filed with the District Court, City and County of Denver, State of Colorado. The Company and the District are claiming that the Land Board breached, and will breach, agreements entered into by the Land Board with the Company and the District in connection with a 1996 settlement agreement. Those agreements include (i) the Amended and Restated Water Lease, dated as of April 4, 1996, between the Land Board and the District (the "Lease")&#160;and (ii) the Service Agreement of the same date between the Company and the District. As initially reported in a Current Report on Form 8-K filed on November 29, 2011, the Land Board issued a Request for Proposal that included a draft lease agreement related to oil and gas rights at the Land Board&#8217;s Lowry Range. The Company believes the draft lease agreement did not adequately address or protect the Company&#8217;s exclusive right to provide water to the Lowry Range. The Land Board subsequently entered into an oil and gas lease for the Lowry Range, which, like the draft lease, does not protect the Company&#8217;s exclusive rights. As a result of this breach, the Company and the District are claiming damages to be proven at trial.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">MAY 31, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As disclosed in two Form 8-K&#8217;s, one filed on February 16, 2012, and one filed on February 29, 2012, HP A&amp;M initiated a lawsuit against the Company in District Court, City and County of Denver, State of Colorado on February 27, 2012, alleging breaches of representations made in connection with the Arkansas River Agreement. The HP A&amp;M claims relate to the issues currently being litigated between the Company and the Land Board regarding the Company&#8217;s exclusive right to provide water service to the Land Board&#8217;s Lowry Range property. The Company believes the allegations are without merit and intends to vigorously defend against them.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Land Board asserted certain counterclaims in the lawsuit described above that relate to operational disputes under the Lease. On June 14, 2013, the Company, the District and the Land Board entered into an Arbitration Agreement pursuant to which the parties have agreed to submit three counterclaims under the Lease to binding arbitration: (i) whether revenue from wastewater services are subject to royalties under the Lease and the appropriate payment for a right-of-way for a wastewater reclamation facility, (ii) whether Export Water royalties are owed on a net or gross proceeds basis, and (iii) if, and/or how water from the four aquifers under the Lowry Range should be blended for sale, as well as any related claims of the Company and the District for offset, credit or overpayment of previous royalties paid and defenses to the three claims. The counterclaims have been dismissed from the lawsuit without prejudice. An arbitrator has not yet been selected, so the timing of resolution of these claims is unknown. Because the arbitration has not proceeded past the agreement stage and the outcome is uncertain, the Company has determined that accruals for losses related to the arbitration are not reasonably estimable or deemed reasonably likely at this time. The Company and the District believe that they have been conducting their operations in accordance with the Lease and are prepared to defend their decisions in the arbitration.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the nine month period ended May 31, 2013, foreclosure proceedings were commenced against 37 of the properties acquired by the Company from HP A&amp;M which are subject to promissory notes defaulted upon by HP A&amp;M and secured by deeds of trust on the Company&#8217;s land and water rights.&#160;Subsequent to May&#160;31, 2013, a foreclosure proceeding was commenced against one additional property.&#160;These properties represent approximately 40% of the Company&#8217;s FLLC shares and over 45% of the Company&#8217;s Arkansas River land.&#160;&#160;The proceedings were filed on various dates from January 9, 2013 through July 3, 2013, with the Public Trustees of Bent, Otero and Prowers Counties in Colorado and involve claims against HP A&amp;M for its failure to pay the notes.&#160;&#160;Foreclosure proceedings in Colorado take at least nine months to conclude.&#160;&#160;Due to statutory protections afforded to the Company as the owner of the properties and the Company&#8217;s liquidity, the Company anticipates concluding these foreclosure proceedings on terms which will not have a material adverse effect on its financial position, results of operations or cash flows.&#160;&#160;The Company also intends to pursue remedies against HP A&amp;M for the defaults. The Company has recorded no accrual for loss related to the foreclosures because the Company has determined that losses related to the foreclosure proceedings are not probable. Further, the Company estimates that any reasonably possible loss would be zero or immaterial in amount.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 10 &#8211; SEGMENT INFORMATION</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company operates primarily in two lines of business: (i) the wholesale water and wastewater business; and (ii) the agricultural farming business. The Company provides wholesale water and wastewater services to customers using water rights owned by the Company and develops infrastructure to divert, treat and distribute that water and collect, treat and reuse wastewater. The Company&#8217;s agricultural business consists of the Company leasing its Arkansas River Valley land and water to area farmers under cash leases or in certain cases crop share leases. The following tables show information by operating segment for the three and nine months ended May 31, 2013:</font></div>

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<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">water and</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">wastewater</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="3" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Agricultural</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">All Other</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">296,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">413,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross profit</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">268,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">298,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depletion and depreciation</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other significant noncash items:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stock-based compensation</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TPF interest expense</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">871,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">871,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Segment assets</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">93,329,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,610,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,028,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">108,968,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expenditures for segment assets</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">178,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">178,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">18</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">PURE CYCLE CORPORATION</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">MAY 31, 2013</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nine months ended May 31, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
</div>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Business segments</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wholesale</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">water and</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">wastewater</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Agricultural</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">All Other</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">272,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">963,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,286,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Gross profit</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">890,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">974,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Depletion and depreciation</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">165,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">165,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Other significant noncash items:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stock-based compensation</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TPF interest expense</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,416,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,416,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Segment assets</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">93,329,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,610,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,028,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">108,968,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Expenditures for segment assets</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">298,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">298,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of May 31, 2012, the Company had only one operating segment.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 11 &#8211; SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="right" valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Three Months Ended</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="60%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued interest and penalties related to HP A&amp;M receivable and related promissory notes</font></div>
</td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase in estimated Tap Participation Fee liability and related discount</font></font></td>
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<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">142,300</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The discussion and analysis below includes forward-looking statements that are subject to risks, uncertainties and other factors, as described in &#8220;Risk Factors&#8221; in our Annual Report on Form 10-K and Part II, Item 1A.&#8221;Risk Factors&#8221; in this Quarterly Report on Form 10-Q, that could cause our actual growth, results of operations, performance, financial position and business prospects and opportunities for this fiscal year and periods that follow to differ materially from those expressed in, or implied by those forward-looking statements. Readers are cautioned that forward-looking statements contained in this Form 10-Q should be read in conjunction with our disclosure under the heading &#8220;Disclosure Regarding Forward-Looking Statements&#8221; below.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is intended to help the reader understand our results of operations and financial condition and should be read in conjunction with the accompanying consolidated financial statements and the notes thereto and the financial statements and the notes thereto contained in our 2012 Annual Report on Form&#160;10-K (the &#8220;2012 Annual Report&#8221;).</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cash available to continue development of our water rights and service agreements.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our MD&amp;A section includes the following items:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Our Business</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pure Cycle Corporation (&#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;) is an investor-owned Colorado corporation that (i) provides wholesale water and wastewater services to end-use customers of governmental entities and to commercial and industrial customers and (ii) manages land and water assets for farming.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wholesale Water and Wastewater</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">These services include water production, storage, treatment, bulk transmission to retail distribution systems, wastewater collection and treatment, irrigation water treatment and transmission, construction management, billing and collection and emergency response.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are a vertically integrated wholesale water and wastewater provider, which means we own or control substantially all assets necessary to provide wholesale water and wastewater services to our customers. This includes owning (i) water rights which we use to provide domestic, irrigation, and industrial water to our wholesale customers (we own surface water, groundwater, reclaimed water rights and storage rights), (ii) infrastructure (such as wells, diversion structures, pipelines, reservoirs and treatment facilities) required to withdraw, treat, store and deliver water, (iii) infrastructure required to collect, treat, store and reuse wastewater, and (iv) infrastructure required to treat and deliver reclaimed water for irrigation use.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We currently provide wholesale water service predominately to two local governmental entity customers. Our largest customer is the Rangeview Metropolitan District (the &#8220;District&#8221;), a quasi-municipal political subdivision of the State of Colorado which is described further below. We provide service to the District and its end-use customers pursuant to &#8220;The Rangeview Water Agreements&#8221; (defined below) between us and the District for the provision of wholesale water service to the District for use in the District&#8217;s service area. Through our governmental entity wholesale customers, we serve 258 Single Family Equivalent (&#8220;SFE&#8221;) (as defined below) water connections and 157 SFE wastewater connections located in southeastern metropolitan Denver.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We plan to utilize our significant water assets along with our adjudicated reservoir sites to provide wholesale water and wastewater services to local governmental entities which in turn will provide residential/commercial water and wastewater services to communities along the eastern slope of Colorado in the area extending essentially from Fort Collins on the north to Colorado Springs on the south, which is generally referred to as the &#8220;Front Range.&#8221; Principally we target the &#8220;I-70 corridor,&#8221; which is located east of downtown Denver and south of the Denver International Airport. This area is predominately undeveloped and is expected to experience substantial growth over the next 30 years.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agricultural Operations and Leasing</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Beginning August 3, 2012, we assumed management of our farm operations and all associated income and expenses. Beginning September 1, 2012, we began tracking and reporting our farm operations as a separate business segment to reflect management&#8217;s analysis, investment decision, and operating performance for this business segment. Currently, approximately 90% of our farm operations are managed through cash lease arrangements with local area farmers whereby we charge a fixed fee, billed semi-annually in March and November, to lease our land and the water for agricultural purposes to tenant farmers. We have a small number of crop share leases, pursuant to which we and the tenant farmer jointly share in the gross revenues generated from the crops grown under a 75% farmer, 25% landlord participation. The majority of crops grown on our farms are alfalfa, with a number of acres also planted in corn, sorghum, and wheat. We will continue to review and evaluate ways to enhance the performance of more than 16,000 acres of farm land through relationships with area farmers.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We also own 931 acres of land along the I-70 corridor east of Denver, Colorado that is being held for development. These land interests are described in the <font style="FONT-STYLE: italic; DISPLAY: inline">Arkansas River Water and Land</font> and <font style="FONT-STYLE: italic; DISPLAY: inline">Sky Ranch</font> sections of Note 4 -<font style="FONT-STYLE: italic; DISPLAY: inline"> Water Assets</font> to the 2012 Annual Report.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Executive Summary</font></div>

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<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three months ended:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$ Change</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% Change</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Millions of gallons of water delivered</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">79</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water revenues generated</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">178</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating costs to deliver water</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">59,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">255</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(excluding depreciation and depletion)</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water delivery gross margin %</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wastewater treatment revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating costs to treat wastewater</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wastewater treatment gross margin %</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">52</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tap and specialty facility revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operations revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">296,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">296,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">N/A</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operating costs</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">N/A</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operations gross margin %</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">91</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General and administrative expenses</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">460,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">621,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(160,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net losses</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,052,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,419,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(367,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">21</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="16" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary Table 1a</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nine months ended:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$ Change</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% Change</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Millions of gallons of water delivered</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30.8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water revenues generated</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">240,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">142,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">145</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating costs to deliver water</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">137,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">184</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(excluding depreciation and depletion)</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water delivery gross margin %</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wastewater treatment revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-10</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating costs to treat wastewater</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wastewater treatment gross margin %</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">59</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">54</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tap and specialty facility revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">41,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operations revenues</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">963,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">963,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">N/A</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operating costs</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">74,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">N/A</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Farm operations gross margin %</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General and administrative expenses</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,602,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,804,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(202,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net losses</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,044,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,145,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,100,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-27</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water Usage Revenues</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our water service charges include a fixed monthly fee and a fee based on actual amounts of water used, which is based on a tiered pricing structure that provides for higher prices as customers use greater amounts of water. Our rates and charges are established based on the average of three surrounding water providers.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Water deliveries increased 79% and 80% during the three and nine months ended May 31, 2013, compared to the three and nine months ended May 31, 2012, respectively. Water revenues increased 178% and 145% for the three and nine months ended May 31, 2013, compared to the three and nine months ended May 31, 2012. The increases in our water deliveries and related revenues were due to our selling water to the oil hydrologic fracking industry. The gross margins on delivering water decreased during the three and nine months ended May 31, 2013, compared to the three and nine months ended May 31, 2012, primarily due to the increased costs related to the ECCV (defined below) system to meet the higher demands of such drilling and fracking activities.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Wastewater Treatment Revenues</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our wastewater customer is charged based on the amount of wastewater treated.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Wastewater fees decreased 11% and 10% during the three and nine months ended May 31, 2013, compared to the three and nine months ended May 31, 2012, respectively. These decreases were primarily the result of decreased demand from our only wastewater customer.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tap Fees</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In August 2005, we entered into the Water Service Agreement (the &#8220;County Agreement&#8221;) with Arapahoe County (the &#8220;County&#8221;). In fiscal 2006, we began recognizing water tap fees as revenue ratably over the estimated service period upon completion of the &#8220;Wholesale Facilities&#8221; (defined in the 2012 Annual Report) constructed to provide service to the County. We recognized $3,600 and $10,700 of water tap fee revenues during each of the three and nine months ended May 31, 2013 and 2012, respectively. The water tap fees to be recognized over this period are net of the royalty payments to the State of Colorado Board of Land Commissioners (the &#8220;Land Board&#8221;) and amounts paid to third parties pursuant to the &#8220;CAA&#8221; which is described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Long-Term Obligations and Operating Lease</font> to the accompanying consolidated financial statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We recognized $10,400 and $31,100 of &#8220;Special Facilities&#8221; (defined in the 2012 Annual Report) funding as revenue during each of the three and nine months ended May 31, 2013 and 2012, respectively. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 2 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Summary of Significant Accounting Policies</font> to the 2012 Annual Report.</font></div>

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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22</font></div>

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<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At May 31, 2013, we have deferred recognition of $1.3 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We did not sell any water or wastewater taps during the three or nine months ended May 31, 2013 or 2012, thus there were no reductions in the Tap Participation Fee (as defined in Note 1 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Presentation and Interim Information</font> to the accompanying consolidated financial statements) for the three or nine months ended May 31, 2013. We did reduce the Tap Participation Fee by the equivalent of 12 and 36 taps during the three and nine months ended May 31, 2012, as described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Long-Term Obligations and Operating Lease</font> to the accompanying consolidated financial statements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Farming Operations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our farming operations include revenues from leases on the farms we own in the Arkansas River Valley.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the three and nine months ended May 31, 2013, we received revenues from our farming operations of approximately $296,100 and $963,900, respectively. During the three and nine months ended May 31, 2012 we did not have revenues from farming operations because the farming operations were managed by High Plains A&amp;M, LLC (&#8220;HP A&amp;M&#8221;) pursuant to a property management agreement between us and HP A&amp;M (the &#8220;Property Management Agreement&#8221;), as described in Note 1 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Presentation of Interim Information </font>to the accompanying consolidated financial statements<font style="FONT-STYLE: italic; DISPLAY: inline">.</font> As a result of HP A&amp;M&#8217;s default (as described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Long-Term Obligations and Operating Lease</font> to the accompanying consolidated financial statements), we terminated the Property Management Agreement and we now manage our farms directly.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General and Administrative and Other Expenses</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Significant balances classified as general and administrative (&#8220;G&amp;A&#8221;) expenses for the three and nine months ended May 31, 2013 and 2012, respectively were:</font></div>

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<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="16" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Table 2 - Significant Balances in G&amp;A</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Three months ended:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ Change</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">% Change</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Salary and salary related expenses:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Including share-based compensation</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">155,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">138,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Excluding share-based compensation</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">135,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">136,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Professional fees</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">75,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">196,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(120,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-61</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Property taxes</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">57,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8212;</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">56,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water assessment fees</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">72,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(20,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-22</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Directors fees (including insurance)</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Public entity related expenses</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(15,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-47</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="16" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Table 2a - Significant Balances in G&amp;A</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nine months ended:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ Change</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">% Change</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" colspan="4" valign="bottom">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Salary and salary related expenses:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Including share-based compensation</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">423,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">499,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(76,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Excluding share-based compensation</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">381,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">457,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(76,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Professional fees</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">217,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">515,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(298,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-58</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Property taxes</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">265,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8212;</font></font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">265,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water assessment fees</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">248,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">269,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(20,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Directors fees (including insurance)</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">99,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">105,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(6,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Public entity related expenses</font></div>
</td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">69,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-14</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">23</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Salary and salary related expenses including share-based compensation increased 12% for the three months ended May 31, 2013 as compared to the three months ended May 31, 2012 due to the issuance of stock options to our non-employee Board of Directors in January 2013 of 32,500 shares versus 12,500 shares during January 2012. Salary and salary related expenses including share-based compensation decreased 15% for the nine months ended May 31, 2013 as compared to the nine months ended May 31, 2012. In the first quarter of fiscal 2012, we paid bonuses totaling $47,000 to employees which were a non-recurring expense. The salary and salary related expenses noted above include $19,200 and $2,100 of share-based compensation expenses for the three months ended May 31, 2013 and 2012, respectively. The salary and salary related expenses noted above include $42,300 of share-based compensation expenses during each of the nine months ended May 31, 2013 and 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Professional fees (legal and accounting) decreased 59% during the three months ended May 31, 2013, as compared to the three months ended May 31, 2012. The decrease was due to a reduction in litigation legal fees of approximately $155,000, which was partially offset by increases in general legal fees of approximately $30,000. Professional fees (legal and accounting) decreased 58% during the nine months ended May 31, 2013, as compared to the nine months ended May 31, 2012. The decrease is attributable to a reduction in general legal fees of approximately $49,000 and litigation fees of approximately $261,000.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In conjunction with the HP A&amp;M default we are now responsible for the property taxes associated with the land. We are also now accruing property taxes related to our Sky Ranch property. The expected annual property taxes for calendar year 2012 (paid in 2013) for our farming operations and our Sky Ranch property are approximately $142,000 and $90,600, respectively. We anticipate the property taxes will remain consistent through the 2013 calendar year so we are accruing property taxes of approximately $19,400 monthly.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Water assessment fees, which are mainly paid to the Fort Lyon Canal Company (&#8220;FLCC&#8221;), are the fees we pay for our share of the maintenance of canals in the Arkansas River Valley. The fees are approved by the shareholders of the FLCC. As of May 31, 2013, we hold approximately 23% of the voting shares of the FLCC, 4% of which are being held for sale. In December 2011, the FLCC shareholders approved an increase in the fees from $15.50 per share to $17.00 per share. For calendar year 2013 assessment fees decreased from $17.00 per share to $15.00 per share, which decreased our overall assessment fees expense by approximately $28,900 from fiscal year 2012 to fiscal year 2013. Our calendar year assessments for 2013 will be approximately $290,000 and are being expensed ratably during the year.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Directors fees, including D&amp;O insurance, decreased 4% for the three months ended May 31, 2013 as compared to the three months ended May 31, 2012. Directors fees, including D&amp;O insurance, decreased 6% for the nine months ended May 31, 2013 as compared to the nine months ended May 31, 2012. These fees vary due to timing of expenditures, but generally are expected to remain consistent year over year.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Costs associated with corporate governance and costs associated with being a publicly traded entity decreased 47% for the three months ended May 31, 2013 as compared to the three months ended May 31, 2012. Costs associated with corporate governance and costs associated with being a publicly traded entity decreased 14% for the nine months ended May 31, 2013 as compared to the nine months ended May 31, 2012. The decrease was primarily due to a reduction in our accrual related to our filing providers for contracts that were not renewed. Our costs generally fluctuate due to changes in the number of press releases, investor relation initiatives, filing fees and compliance costs for filing with the Securities and Exchange Commission (the &#8220;SEC&#8221;).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Income and Expense Items</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="16" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Table 3 - Other Items</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Three months ended:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ Change</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">% Change</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income items:</font></div>
</td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Oil and gas lease income</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">104,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest income</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(8,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-63</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expense items:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation and depletion</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">77,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">77,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Imputed interest</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">871,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">873,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">73,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">N/A</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">24</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="16" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Table 3a - Other Items</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nine months ended:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ Change</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">% Change</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income items:</font></div>
</td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Oil and gas lease income</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">310,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">319,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(8,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest income</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(19,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-45</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expense items:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation and depletion</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">231,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">230,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Imputed interest</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,416,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,586,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(170,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">176,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8212;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">176,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">N/A</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The oil and gas lease income amounts represent a portion of the up-front payments we received on March 10, 2011, upon the signing of the Paid-Up Oil and Gas Lease (the &#8220;O&amp;G Lease&#8221;) and Surface Use and Damage Agreement (the &#8220;Surface Use Agreement&#8221;) with Anadarko E&amp;P Company, L.P. (&#8220;Anadarko&#8221;), a wholly-owned subsidiary of Anadarko Petroleum Company. During fiscal 2011, we received payments of $1,243,400 from Anadarko for the purpose of exploring for, developing, producing and marketing oil and gas on 634 acres of mineral estate we own at our Sky Ranch property. The income received is being recognized in income over the initial three year term of the O&amp;G Lease, which began on March 10, 2011. In December of 2012 the O&amp;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Interest income represents interest earned on the temporary investment of capital in available-for-sale securities, interest accrued on the note payable by the District and interest accrued on the Special Facilities construction proceeds receivable from the County. The decrease is due primarily to a decline of interest rates and decrease in marketable securities held by the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Depreciation and depletion was unchanged during the three months ended May 31, 2013 compared to the three months ended May 31, 2012. Depreciation and depletion increased 1% during the nine months ended May 31, 2013 compared to the nine months ended May 31, 2012. These expenses are expected to be comparable year over year.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Imputed interest expense is related to the Tap Participation Fee payable to HP A&amp;M. This represents the expensed portion of the difference between the estimated fair value of the payments to be made to HP A&amp;M and the discounted present value of those payments imputed using the effective interest method. The decrease in the imputed interest expense is a result of the updated valuation performed during&#160;&#160;the first quarter of fiscal 2011, which is explained in greater detail in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Long-Term Obligations and Operating Lease</font> to the accompanying consolidated financial statements.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Interest expense for the three and nine months ended May 31, 2013, is related to the interest accrued on the $5.6 million in promissory notes issued to acquire the HP A&amp;M debt. No interest expense was accrued during the three and nine months ended May 31, 2012.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Liquidity, Financial Resources and Financial Condition</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At May 31, 2013, our working capital, defined as current assets less current liabilities, was approximately $4.6 million. As of May 31, 2013, we had approximately $3.1 million of cash and cash equivalents. As of the date of the filing of this quarterly report on Form 10-Q, we have an effective shelf registration statement pursuant to which we may elect to sell up to another $4.45 million of common stock prior to its expiration date of July 28, 2013. On June 7, 2013 we filed a S-3 registration statement to replace this shelf registration with a new shelf registration statement pursuant to which we may elect to sell up to $15 million of equity securities at any time and from time to time. As of the date of this filing this registration statement is not effective. We believe that as of the date of the filing of this quarterly report on Form 10-Q and as of May 31, 2013, we have sufficient working capital to fund our operations for the next <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">fiscal </font>year.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Arkansas River Valley Water Assets</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">The FLCC water assessments are the charges assessed to the FLCC shareholders for the upkeep and maintenance of the Fort Lyon Canal. The water assessment payments are payable to the FLCC each calendar year. </font>Our calendar year assessments for 2013 will be approximately $290,000 and are being expensed ratably during the year. Our calendar year 2012 property taxes (paid in April 2013) were approximately $142,000. We anticipate the property taxes for calendar year 2013 to be similar, so we will accrue monthly property taxes of approximately $11,800.</font></div>

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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25</font></div>

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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sky Ranch Property</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our calendar year 2012 Sky Ranch property taxes (paid in April 2013) were approximately $90,600. We anticipate the property taxes for calendar year 2013 to be similar, so we will accrue monthly property taxes of approximately $7,600.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ECCV Capacity Operating System</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to a 1982 contractual right, the District may purchase water produced from East Cherry Creek Valley Water and Sanitation District&#8217;s (&#8220;ECCV&#8221;) Land Board system. ECCV&#8217;s Land Board system is comprised of eight wells and more than ten miles of buried water pipeline located on the &#8220;Lowry Range&#8221; as described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets </font>to the 2012 Annual Report. In May 2012, in order to increase the delivery capacity and reliability of these wells, in our capacity as the District&#8217;s service provider and the Export Water Contractor (as defined in the Amended and Restated Water Lease between the District and the Colorado State Board of Land Commissioners), we entered into an agreement to operate and maintain the ECCV facilities allowing us to utilize the system to provide water to commercial and industrial customers, including customers providing water for drilling and hydraulic fracturing of oil and gas wells.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> Our costs associated with the use of the ECCV system&#160;were a flat monthly fee of $4,667 per month from May 1, 2012 through December 31, 2012, which increased to $8,000 per month from January 1, 2013 through December 31, 2020, and will&#160;decrease to $3,000 per month from January 1, 2020 through April 2032. Additionally, we pay a fee per 1,000 gallons of water produced from ECCV&#8217;s system, which is included in the water usage fees charged to customers.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Tap Participation Fee</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The $70.7 million Tap Participation Fee liability at May 31, 2013, represents the estimated fair value of our obligation to pay HP A&amp;M 20% of our gross proceeds, or the equivalent thereof, from the sale of the next 19,427 water taps we sell and includes $25.1 million of interest which has been imputed since we acquired our Arkansas River assets, recorded using the effective interest method. During the extended term of the Property Management Agreement, we were permitted to allocate 26.9% of the Net Revenues (defined as all lease and related income received from the farms less employee expenses, direct expenses for managing the leases and a reasonable overhead allocation) paid to HP A&amp;M against the Tap Participation Fee. During the three and nine months May 31, 2012, we allocated $47,400 and $155,600, respectively, to the Tap Participation Fee liability, which was the equivalent of 12 and 36 taps, respectively. We terminated the Property Management Agreement on August 3, 2012. Therefore, no Net Revenue was allocated against the Tap Participation Fee liability during the three or nine months ended May 31, 2013, and no Net Revenue will be allocated to the liability in any future period. We did not sell any taps during the three or nine months ended May 31, 2013 or 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Tap Participation Fee was reviewed as of May 31, 2013, and no material changes to the September 1, 2011 revaluation were indicated. Payment of the Tap Participation Fee may be accelerated in the event of a merger, reorganization, sale of substantially all assets, or similar transactions and in the event of bankruptcy and insolvency events.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">South Metropolitan Water Supply Authority</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The South Metropolitan Water Supply Authority (&#8220;SMWSA&#8221;) is a municipal water authority in the State of Colorado organized to pursue the acquisition and development of new water supplies on behalf of its members.&#160;&#160;SMWSA members include 13 Denver area water providers in Arapahoe and Douglas Counties.&#160;&#160;The District became a member of SMWSA in 2009 in an effort to participate with other area water providers in developing regional water supplies along the Front Range.&#160;&#160;For over two years, the SMWSA members have been working with Denver Water and Aurora Water on a cooperative water project known as the Water Infrastructure Supply Efficiency partnership (&#8220;WISE&#8221;), which seeks to develop regional infrastructure that would interconnect members&#8217; water transmission systems to be able to develop additional water supplies from the South Platte River in conjunction with Denver Water and Aurora Water.&#160;&#160;Through an agreement with the District, we continue to support SMWSA and its joint water development efforts and may seek to participate in one or more regional water projects if such projects are in our best interest. The negotiations on the project are ongoing and as of the date of this report we cannot reasonably anticipate our portion of the expense to complete the project.</font></div>

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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Summary Cash Flows Table</font></div>

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<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td colspan="16" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Table 4 - Summary Cash Flows Table</font></div>
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<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
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<td valign="bottom" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom" width="28%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nine Months Ended</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom" width="28%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="36%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2013</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May 31, 2012</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">% Change</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash (used) provided by:</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating acitivities</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,326,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,594,400</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">267,900</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investing activities</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,183,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,714,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,468,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">144</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr><tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="36%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Financing activities</font></div>
</td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,411,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,300</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,462,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-2851</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Changes in Operating Activities</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Operating activities include revenues we receive from the sale of wholesale water and wastewater services, costs incurred in the delivery of those services, G&amp;A expenses, and depletion/depreciation expenses.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cash used by operations during the nine months ended May 31, 2013 decreased 17% compared to the nine months ended May 31, 2012. This decrease is a result of decreased losses for the period, which were related to the recording of additional revenue from farm operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We will continue to provide domestic wholesale water and wastewater service to customers in our service area and we will continue to operate and maintain our water and wastewater systems as well as the farm lease operations with our own employees.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Changes in Investing Activities</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investing activities during the nine months ended May 31, 2013, consisted of us selling $1.1 of marketable securities, the sale of the 1.5 million pledged shares for $3.4 million (net of costs), and us investing $332,800 into our water and wastewater infrastructure and equipment.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Changes in Financing Activities</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financing activities for the nine months ended May 31, 2013, consisted of the payoff of $291,700 from the County for the construction of Special Facilities, $16,500 in payments to contingent liability holders, and $1,686,300 of cash used to acquire the promissory notes defaulted upon by HP A&amp;M and the payment of related principal and interest on those notes.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Critical Accounting Policies and Use of Estimates</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) requires management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results inevitably will differ from those estimates, and such differences may be material to the consolidated financial statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The most significant accounting estimates inherent in the preparation of our consolidated financial statements include estimates associated with the timing of revenue recognition, the impairment analysis of our water rights, management&#8217;s valuation of the Tap Participation Fee and share-based compensation. Below is a summary of these critical accounting policies.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revenue Recognition</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our revenues consist mainly of tap fees, monthly service fees, construction revenues, and farm income. As further described in Note 2 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Summary of Significant Accounting Policies</font> to the financial statements included in our 2012 Annual Report, proceeds from tap sales are deferred upon receipt and recognized in income based on whether we own or do not own the facilities constructed with the proceeds. When we construct the infrastructure to be owned by the customer, we recognize tap fees pursuant to the percentage-of-completion method. The percentage-of-completion method requires management to estimate the percentage of work that is completed on a particular project, which could change materially throughout the duration of the construction period and result in significant fluctuations in revenue recognized during the reporting periods throughout the construction process. We did not recognize any revenues pursuant to the percentage-of-completion method during the three or nine months ended May 31, 2013 or 2012.</font></div>

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<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">27</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Tap fees derived from agreements for which we own the infrastructure are recognized as revenue ratably over the estimated service life of the assets constructed with said fees. Although the cash will be received up-front and most construction will be completed within one year of receipt of the proceeds, revenue recognition may occur over 30 years or more. Management is required to estimate the service life, and currently the service life is based on the estimated useful accounting life of the assets constructed with the tap fees. The useful accounting life of the asset is based on management&#8217;s estimation of an accounting based useful life and may not have any correlation to the actual life of the asset or the actual service life of the tap. This is deemed a reasonable recognition life of the revenues because the depreciation of the assets constructed generating those revenues will be matched with the revenues.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Monthly water usage fees and monthly wastewater service fees are recognized in income each month as earned.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the O&amp;G Lease, during the year ended August 31, 2011, we received up-front payments of $1,243,400 from Anadarko for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of mineral estate we own at our Sky Ranch property. We began recognizing the up-front payments from the O&amp;G Lease as income on a straight-line basis over three years (the initial term of the O&amp;G Lease) on March 10, 2011. During each of the three months ended May 31, 2013 and 2012, we recognized $103,600 of income and royalty related to the up-front payments received pursuant to the O&amp;G Lease. During each of the nine months ended May 31, 2013 and 2012, we recognized $310,900 of income and royalty related to the up-front payments received pursuant to the O&amp;G Lease.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of May 31, 2013, we have deferred recognition of $328,100 of income related to the O&amp;G Lease, which is being recognized into income ratably through February 2014.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Historically, we have leased our Arkansas River land and water to tenant farmers under a cash lease model. Pursuant to the Property Management Agreement, HP A&amp;M was to receive the income from the farm leases until 2014. As a result of HP A&amp;M&#8217;s default on certain obligations, we terminated the Property Management Agreement. Effective as of August 3, 2012, we are managing the farm operations and we are entitled to receive all income from such operations. We<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> bill our cash lessees semi-annually in March and November, which bills include minimum billings and adjustments based on actual water deliveries by the FLCC, or receive revenues based on the sale of crop yields under our crop share leases. </font>We record farm lease income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases. <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">We</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"> recorded these amounts as receivables, less an estimated allowance for uncollectible accounts.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Impairment of Water Assets and Other Long-Lived Assets</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We review our long-lived assets for impairment at least annually or whenever management believes events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We measure recoverability of assets to be held and used by a comparison of the carrying amount of an asset to estimated future undiscounted net cash flows we expect to be generated by the eventual use of the asset. If such assets are considered to be impaired and therefore the costs of the assets deemed to be unrecoverable, the impairment to be recognized would be the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our water assets will be utilized in the provision of water services which inevitably will encompass many housing and economic cycles. Our service capacities are quantitatively estimated based on an average single family home utilizing .4 acre-feet of water per year. Our water supplies are legally decreed to us through the water court. The water court decree allocates a specific amount of water (subject to continued beneficial use) which historically has not changed. Thus, individual housing and economic cycles typically do not have an impact on the number of connections we can serve or the amount of water legally decreed to us.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We report assets to be disposed of at the lower of the carrying amount or fair value less costs to sell. See further discussion regarding our land and water rights assets held for sale in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the financial statements included in our 2012 Annual Report.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Our Front Range and Arkansas River Water Rights</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We determine the undiscounted cash flows for our Denver based assets and the Arkansas River assets (described below in the <font style="FONT-STYLE: italic; DISPLAY: inline">Tap Participation Fee </font>section) by estimating tap sales to potential new developments in our service area and to communities along the Front Range using estimated future tap fees, less estimated costs to provide water services, over an estimated development period. Actual new home development in our service area and the Front Range, actual future tap fees, and actual future operating costs inevitably will vary significantly from our estimates, which could have a material impact on our consolidated financial statements as well as our results of operations. We performed an impairment analysis as of August 31, 2012, and determined that our Rangeview Water Supply (defined in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the 2012 Annual Report) and Arkansas River water assets were not impaired and their costs were deemed recoverable. Our impairment analysis is based on development occurring within areas in which we have service agreements (e.g. Sky Ranch and the Lowry Range, which are described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Water Assets</font> to the 2012 Annual Report) as well as in surrounding areas, including the Front Range and the I-70 corridor. We estimate that we have the ability to provide wholesale water service to approximately 180,000 SFE&#8217;s using our combined Rangeview Water Supply and Arkansas River water assets, which have a carrying value of approximately $88.5 million as of May 31, 2013. Based on the carrying value of our water rights, the long term and uncertain nature of any development plans, current tap fees of $22,500 and estimated gross margins, we estimate that we would need to sell the following number of new water connections to recover the costs of our Rangeview Water Supply and our Arkansas River water assets:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If tap fees decrease 5%: we estimate we would need to add 8,700 new wholesale water connections, requiring 5.9 % of our portfolio.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although changes in the housing market throughout the Front Range have delayed our estimated tap sale projections, these changes do not alter our water ownership, our service obligations to existing properties or the number of SFE&#8217;s we can service.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tap Participation Fee</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2006 we acquired 17,500 acres of irrigated land together with approximately 60,000 acre-feet of Arkansas River water rights from HP A&amp;M. In addition to common stock issued to HP A&amp;M, we agreed to pay HP A&amp;M a defined percentage of a defined number of water taps we sell from and after the date of the agreement with HP A&amp;M. The Tap Participation Fee is payable when we sell water taps and receive funds from such water tap sales or other dispositions of property purchased in the HP A&amp;M acquisition. The Tap Participation Fee liability is valued by estimating new home development in our service area over an estimated development period. This was done by utilizing third party historical and projected housing and population growth data for the Denver metropolitan area applied to an estimated development pattern supported by historical development patterns of certain master planned communities in the Denver metropolitan area. This development pattern was then applied to projected future water tap fees determined by using historical water tap fee trends.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We updated the estimated discounted cash flow analysis as of September 1, 2011. The Tap Participation Fee was reviewed as of May 31, 2013, and no material changes to the September 1, 2011 revaluation were indicated. Actual new home development in our service area and actual future tap fees inevitably will vary significantly from our estimates which could have a material impact on our consolidated financial statements as well as our results of operations. An important component in our estimate of the value of the Tap Participation Fee, which is based on historical trends, is that we reasonably expect water tap fees to continue to increase in the coming years. Tap fees are market based and the continued increase in tap fees reflects, among other things, the increasing costs to acquire and develop new water supplies. Tap fees are thus partially indicative of the increasing value of our water assets. We continue to assess the value of the Tap Participation Fee liability and update its valuation analysis whenever events or circumstances indicate the assumptions used to estimate the value of the liability have changed materially. The difference between the net present value and the estimated realizable value will be imputed as interest expense using the effective interest method over the estimated development period utilized in the valuation of the Tap Participation Fee. Pursuant to the terms of the Asset Purchase Agreement dated May 10, 2006 (the &#8220;Arkansas River Agreement&#8221;), we may be entitled to a reduction in the Tap Participation Fee due to the defaults by HP A&amp;M. However, since we are involved in litigation with HP A&amp;M (as described in Note 9 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Litigation Loss Contingencies</font> to the accompanying consolidated financial statements), we are not able to estimate what reduction (if any) to the Tap Participation Fee will be available.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Land and Water Shares Held for Sale</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During fiscal 2012, management decided to sell certain farms in order to have cash flows sufficient to acquire the notes defaulted upon by HP A&amp;M and to meet the future obligations on the promissory notes the Company issued to purchase the defaulted notes owed by HP A&amp;M. Management has entered into or is in the process of negotiating agreements to sell 1,471 acres of land along with 3,397 FLCC shares associated with this land. The assets held for sale total $5.7 million, which is the lower of cost or fair value less cost to sell.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Promissory Notes Payable by HP A&amp;M, in Default</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As described in Note 4 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Long Term Obligations and Operating Lease</font>, to the accompanying consolidated financial statements, HP A&amp;M defaulted on certain promissory notes payable to third parties, which are secured by real property and water rights we own. To protect our land and water interests, we have purchased certain of the HP A&amp;M notes. Among other remedies we have the right to collect from HP A&amp;M all costs and expenses, including reasonable attorneys&#8217; fees, we incur in curing the defaults and in protecting our rights and title to the Arkansas River property and water rights securing the notes. As of May 31, 2013, we have acquired approximately $6.9 million of the $9.6 million of promissory notes that are payable by HP A&amp;M to third parties. These promissory notes were acquired with cash payments of approximately $1.4 million and the issuance of notes by us. The majority of the notes we issued have a five-year term, bear interest at an annual rate of 5% and require semi-annual payments with a straight-line amortization schedule. The carrying value of the notes payable approximate the fair value as the rates are comparable to market rates.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We estimate the fair value of share-based payment awards made to key employees and directors on the date of grant using the Black-Scholes option-pricing model. We then expense the fair value over the vesting period of the grant using a straight-line expense model. The fair value of share-based payments requires management to estimate/calculate various inputs such as the volatility of the underlying stock, the expected dividend rate, the estimated forfeiture rate and an estimated life of each option. These assumptions are based on historical trends and estimated future actions of option holders and may not be indicative of actual events which may have a material impact on our consolidated financial statements. See Note 8 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Shareholder&#8217;s Equity</font> of the 2012 Annual Report for further details on share-based compensation expense.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See Note 1 &#8211; <font style="FONT-STYLE: italic; DISPLAY: inline">Presentation of Interim Information</font> to the accompanying consolidated financial statements for a discussion of recently adopted and issued accounting pronouncements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Statements that are not historical facts contained or incorporated by reference into this Quarterly Report on Form 10-Q are &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). Forward-looking statements involve risks and uncertainties that could cause actual results to differ from projected results. The words &#8220;anticipate,&#8221; &#8220;goal,&#8221; &#8220;seek,&#8221; &#8220;project,&#8221; &#8220;strategy,&#8221; &#8220;future,&#8221; &#8220;likely,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;intend&#8221; and similar expressions and references to future periods, as they relate to us, are intended to identify forward-looking statements. Forward-looking statements include, among others, statements we make regarding:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the amount of the &#8220;Tap Participation Fee&#8221; liability;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the sufficiency of our working capital and financing sources to fund our operations;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the effectiveness of our disclosure controls and procedures and our internal controls over financial reporting;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">our plans to provide water for drilling and &#8220;fracking&#8221; oil and gas wells;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">expected development and growth in the area referred to as the &#8220;Front Range&#8221; of Colorado;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. We are not able to predict all factors that may affect future results. We cannot assure you that any of our expectations will be realized. Our actual results could differ materially from those discussed in or implied by these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, without limitation: the risk factors discussed in Part I, Item 1A of our most recent Annual Report on Form 10-K and Part II, Item 1A of this Quarterly Report on Form 10-Q; the timing of new home construction and other development in the areas where we may sell our water, which in turn may be impacted by credit availability; population growth; employment rates; general economic conditions; the market price of water; changes in customer consumption patterns; changes in applicable statutory and regulatory requirements; changes in governmental policies and procedures; uncertainties in the estimation of water available under decrees; uncertainties in the estimation of costs of delivery of water and treatment of wastewater; uncertainties in the estimation of the service life of our systems; uncertainties in the estimation of costs of construction projects; the strength and financial resources of our competitors; our ability to find and retain skilled personnel; climatic and weather conditions, including floods, droughts and freezing conditions; labor relations; turnover of elected officials and delays caused by political concerns and governmental procedures; availability and cost of labor, material and equipment; delays in anticipated permit and construction dates; engineering and geological problems; environmental risks and regulations; our ability to raise capital; our ability to negotiate contracts with new customers; uncertainties in water court rulings; outcome of litigation and arbitration; our ability to collect on judgments obtained in litigation; and other factors discussed from time to time in our press releases, public statements and documents filed or furnished with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events&#160;or&#160;otherwise. All forward-looking statements are expressly qualified by these cautionary statements.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><a name="A008"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Quantitative and Qualitative Disclosures About Market Risk</font></font></a></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pure Cycle has limited exposure to market risks from instruments that may impact the <font style="FONT-STYLE: italic; DISPLAY: inline">Consolidated Balance Sheets</font>, <font style="FONT-STYLE: italic; DISPLAY: inline">Consolidated Statements of Operations</font>, and <font style="FONT-STYLE: italic; DISPLAY: inline">Consolidated Statements of Cash Flows. </font>Such exposure is due primarily to changing interest rates.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The primary objective for our investment activities is to preserve principal while maximizing yields without significantly increasing risk. This is accomplished by investing in diversified short-term interest bearing investments. As of May 31, 2013 we have no investments. We have in the past, and anticipate in the future, that we will invest in certificates of deposit with stated maturities and locked interest rates and, therefore, will not be subject to interest rate fluctuations. We have no investments denominated in foreign country currencies and, therefore, our investments are not subject to foreign currency exchange risk.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Evaluation of Disclosure Controls and Procedures</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We maintain disclosure controls and procedures as defined in Rules&#160;13a-15(e) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), that are designed to ensure that information required to be disclosed in our reports filed or submitted to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Commission&#8217;s rules and forms, and that information is accumulated and communicated to management, including the principal executive and financial officer as appropriate, to allow timely decisions regarding required disclosures. The President and Chief Financial Officer evaluated the effectiveness of disclosure controls and procedures as of May 31, 2013, pursuant to Rule 13a-15(b) under the Exchange Act. Based on that evaluation, the President and Chief Financial Officer concluded that, as of the end of the period covered by this report, the Company&#8217;s disclosure controls and procedures were effective. A system of controls, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the system of controls are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Changes in Internal Control Over Financial Reporting</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As discussed in a Form 8-K filed on December 19, 2011, on that date we and the District filed a lawsuit against the State of Colorado by and through the Land Board (the &#8220;Land Board&#8221;). The complaint was filed with the District Court, City and County of Denver, State of Colorado.&#160;&#160;We and the District are claiming that the Land Board breached, and will breach, agreements entered into by the Land Board with us and the District in connection with a 1996 settlement agreement. Those agreements include (i) the Amended and Restated Water Lease, dated as of April 4, 1996, between the Land Board and the District (the &#8220;Lease&#8221;) and (ii) the Service Agreement of the same date between us and the District.&#160;&#160;The Land Board asserted certain counterclaims in the lawsuit that relate to operational disputes under the Lease.&#160;&#160;On June 14, 2013, we, the District and the Land Board entered into an Arbitration Agreement pursuant to which the parties have agreed to submit three counterclaims under the Lease to binding arbitration: (i) whether revenues from wastewater services are subject to royalties under the Lease and the appropriate payment for a right-of-way for a wastewater reclamation facility, (ii) whether Export Water royalties are owed on a net or gross proceeds basis, and (iii) if, and/or how water from the four aquifers under the Lowry Range should be blended for sale, as well as any related claims of us and the District for offset, credit or overpayment of previous royalties paid and defenses to the three claims.&#160;&#160;The counterclaims have been dismissed from the lawsuit without prejudice.&#160;&#160;An arbitrator has not yet been selected, so the timing of resolution of these claims is unknown.&#160;&#160;We and the District believe that we have been conducting our operations in accordance with the Lease and are prepared to defend our decisions in the arbitration.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the three month period ended May 31, 2013, foreclosure proceedings were commenced against 23 of the properties we acquired from HP A&amp;M which are subject to promissory notes defaulted upon by HP A&amp;M and secured by deeds of trust on our land and water rights. As of May 31, 2013, 37 of our properties acquired from HP A&amp;M are subject to foreclosure proceedings. Subsequent to May 31, 2013, a foreclosure proceeding was commenced against one additional property. These properties represent&#160;approximately 40% of our FLCC shares and over 45% of our Arkansas River land.&#160;&#160;The proceedings were filed on various dates from January 9, 2013 through July 3, 2013, with the Public Trustees of Bent, Otero and Prowers Counties in Colorado and involve claims against HP A&amp;M for its failure to pay the notes.&#160;&#160;Foreclosure proceedings in Colorado take at least nine months to conclude.&#160;&#160;Due to statutory protections afforded us as the owner of the properties and our liquidity, we anticipate concluding these foreclosure proceedings on terms which will not have a material adverse effect on our financial position, results of operations or cash flows.&#160;&#160;We also intend to pursue our remedies against HP A&amp;M for the defaults.&#160;&#160;There can be no assurance that we will be able to retain all of our properties subject to the foreclosure proceedings.</font></div>

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<TYPE>EX-31
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<FILENAME>ex-31.htm
<DESCRIPTION>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
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<a href="pyco-10q_053113.htm">Pure Cycle Corporation 10-Q</a>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Mark W. Harding, certify that:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">36</div>

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border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="10" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value Measurement Using&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Cost / Other&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Quoted Prices in Active Markets for Identical Assets&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Significant Other Observable Inputs&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Significant Unobservable Inputs&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total Unrealized&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Value&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;1)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;2)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;3)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gain&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 34%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Tap Participation Fee liability&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock>
    <us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Although not required, the Company deems the following table, which presents the changes in the Tap Participation Fee for the nine months ended May 31, 2013, to be helpful to the users of its consolidated financial statements:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="10" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value Measurement using Significant Unobservable Inputs (Level 3)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gross Estimated Tap Participation Fee Liability&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Tap Participation Fee Reported Liability&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Discount - to be imputed as interest expense in future periods&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at August 31, 2012&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;112,958,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;68,269,200&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;44,688,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total gains and losses (realized and unrealized):&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Imputed interest recorded as &amp;#8220;Other Expense&amp;#8221;&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,416,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(2,416,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%; padding-bottom: 2px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Transfers in and/or out of Level 3&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;112,958,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,272,200&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock>
    <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company&amp;#8217;s water, water systems, land and improvements consist of the following costs and accumulated depreciation and depletion at May 31, 2013 and August 31, 2012:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;August 31, 2012&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Costs&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Accumulated Depreciation and Depletion&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Costs&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Accumulated Depreciation and Depletion&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Arkansas River Valley assets&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;69,112,300&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; 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width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;11,090,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;20,717,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td colspan="4" style="text-align: left; 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width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(28,077,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(9,790,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; 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display: block; margin-left: 0pt; margin-right: 0pt"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Option payments - Sky Ranch &lt;/font&gt;and The Hills at Sky Ranch&lt;/font&gt;&lt;/div&gt;&#13;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;110,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; 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width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(68,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(23,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; 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text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Arapahoe County tap fees *&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;533,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(373,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(159,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(55,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(104,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Export Water sale payments&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; 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width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(77,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(33,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(12,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(21,300&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at August 31, 2012&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;754,700&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;27,802,700&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,468,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1,208,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,259,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="font: italic 10pt times new roman; display: inline"&gt;Fiscal 2013 activity:&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; 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width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; 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width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Export Water sale payments&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;158,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(110,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(47,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(16,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(30,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;912,700&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;27,692,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,421,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1,192,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,229,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;</us-gaap:ScheduleOfDebtTableTextBlock>
    <us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="From2011-09-01to2012-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table summarizes the stock option activity for the Equity Plan for the nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Number of Options&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Exercise Price&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Remaining Contractual Term&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Approximate Aggregate Instrinsic Value&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Outstanding at beginning of period (Aug. 31, 2012)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;215,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.88&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left; text-indent: 0pt; padding-left: 2%; margin-left: 0pt; margin-right: 0pt"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Granted&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;32,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3.15&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-left: 2%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Exercised&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px; padding-left: 2%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Forfeited or expired&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Outstanding at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;247,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.52&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6.4&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;161,475&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Options exercisable at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;205,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6.03&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.5&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;114,165&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
    <us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock contextRef="From2011-09-01to2012-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table summarizes the activity and value of non-vested options as of and for the nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: center"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; width: 60%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Number of Options&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Grant Date Fair Value&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Non-vested options outstanding at beginning of period&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;22,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1.72&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-left: 2%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Granted&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;32,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2.36&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-left: 2%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Vested&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(12,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1.50&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px; padding-left: 2%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Forfeited&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Options not vested at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2.28&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock>
    <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following tables show information by operating segment for the three and nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt times new roman"&gt;Three months ended May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&#13;&lt;div&gt;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Business segments&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Wholesale&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;water and&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;wastewater&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Agricultural&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;All Other&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Revenues&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;99,700&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;296,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;17,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;413,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gross profit&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;13,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;268,200&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;17,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;298,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Depletion and depreciation&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;55,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;55,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Other significant noncash items:&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Stock-based compensation&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; 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text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,300&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,300&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;TPF interest expense&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,416,619&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; 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vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;108,968,300&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Expenditures for segment assets&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; 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width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;298,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
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width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; width: 60%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;May 31, 2012&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Accrued interest and penalties related to HP A&amp;#38;M receivable and related promissory notes&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;78,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 16%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Increase in estimated Tap Participation Fee liability and related discount&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; 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width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Farm revenue allocated against the Tap Participation Fee liability and additional paid-in capital&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;142,300&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock>
    <pcyo:SharesOfCommonStockHeldAsPledgedAssets contextRef="From2012-09-01to2013-05-31" unitRef="shares" decimals="INF">1500000</pcyo:SharesOfCommonStockHeldAsPledgedAssets>
    <pcyo:NumberOfPropertiesSubjectToOutstandingPromissoryNotes contextRef="AsOf2013-05-31" unitRef="pure" decimals="INF">60</pcyo:NumberOfPropertiesSubjectToOutstandingPromissoryNotes>
    <pcyo:NumberOfProperties contextRef="AsOf2013-05-31" unitRef="pure" decimals="INF">80</pcyo:NumberOfProperties>
    <us-gaap:FairValueDisclosuresTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 2&lt;font style="font-style: italic; display: inline"&gt; &amp;#8211; &lt;/font&gt;FAIR VALUE MEASUREMENTS&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Level 1 &amp;#8212; Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. The Company had none of these instruments at May 31, 2013.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Level 2 &amp;#8212; Valuations for assets and liabilities obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company had no Level 2 assets or liabilities at May 31, 2013.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Level 3 &amp;#8212; Valuations for assets and liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The Company had one Level 3 liability at May 31, 2013, the Tap Participation Fee liability, which is described in greater detail in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; below.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company maintains policies and procedures to value instruments using the best and most relevant data available.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company&amp;#8217;s non-financial assets measured at fair value on a non-recurring basis consist entirely of its investments in water and water systems and other long-lived assets. See Note 3 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Investment in Water, Water Systems, Land and Improvements&lt;/font&gt; below.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Level 3 Liability &amp;#8211; Tap Participation Fee. &lt;/font&gt;The Company&amp;#8217;s Tap Participation Fee liability is the Company&amp;#8217;s only financial liability measured on a non-recurring basis. As further described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt;, the Tap Participation Fee liability is valued by projecting new home development in the Company&amp;#8217;s targeted service area over an estimated development period.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of May 31, 2013:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="10" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value Measurement Using&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Cost / Other&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Quoted Prices in Active Markets for Identical Assets&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Significant Other Observable Inputs&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Significant Unobservable Inputs&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total Unrealized&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Value&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;1)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;2)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;3)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gain&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 34%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Tap Participation Fee liability&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Although not required, the Company deems the following table, which presents the changes in the Tap Participation Fee for the nine months ended May 31, 2013, to be helpful to the users of its consolidated financial statements:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="10" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value Measurement using Significant Unobservable Inputs (Level 3)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gross Estimated Tap Participation Fee Liability&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Tap Participation Fee Reported Liability&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Discount - to be imputed as interest expense in future periods&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at August 31, 2012&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;112,958,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;68,269,200&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;44,688,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total gains and losses (realized and unrealized):&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Imputed interest recorded as &amp;#8220;Other Expense&amp;#8221;&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,416,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(2,416,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%; padding-bottom: 2px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Transfers in and/or out of Level 3&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 46%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;112,958,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,272,200&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
    <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 3 &amp;#8211; INVESTMENTS IN WATER, WATER SYSTEMS, LAND AND IMPROVEMENTS&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company&amp;#8217;s water rights and current water and wastewater service agreements are more fully described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report. There have been no significant changes to the Company&amp;#8217;s water rights or water and wastewater service agreements during the three and nine months ended May 31, 2013.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company&amp;#8217;s water, water systems, land and improvements consist of the following costs and accumulated depreciation and depletion at May 31, 2013 and August 31, 2012:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;August 31, 2012&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Costs&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Accumulated Depreciation and Depletion&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Costs&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Accumulated Depreciation and Depletion&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Arkansas River Valley assets&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; 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width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(1,315,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Rangeview water supply&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;14,667,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(7,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;14,376,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(7,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Sky Ranch water rights and other costs&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; 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width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(50,800&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fairgrounds water and water system&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; 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vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,899,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(534,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Rangeview water system&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; 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text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,770,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 2px"&gt;&lt;font style="display: inline; 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text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total net investments in water, water systems, land and improvements&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;92,356,700&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;92,288,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Capitalized terms in this section not defined herein are defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Depletion and Depreciation. &lt;/font&gt;The Company recorded $100 of depletion charges during each of the three month periods ended May 31, 2013 and 2012, respectively. The Company recorded $300 of depletion charges during each of the nine month periods ended May 31, 2013 and 2012. This related entirely to the Rangeview Water Supply. No depletion is taken against the Arkansas River water or Sky Ranch Water Supply because the water located at these locations is not yet being utilized for its intended purpose as of May 31, 2013.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company recorded $77,600 of depreciation expense during each of the three months ended May 31, 2013 and 2012. The Company recorded $231,500 and $230,100 of depreciation expense during the nine months ended May 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Land and Water Shares Held for Sale. &lt;/font&gt;During fiscal 2012, management decided to sell certain farms in order to have cash flows sufficient to acquire the notes defaulted upon by HP A&amp;#38;M and to meet the future obligations on the promissory notes the Company issued to purchase the defaulted notes owed by HP A&amp;#38;M. The Company has entered into or is in the process of negotiating agreements to sell 1,471 acres of land along with 3,397 FLCC shares associated with this land. The assets held for sale total $5.7 million, which is the lower of cost or fair value less cost to sell.&lt;/font&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
    <us-gaap:DebtAndCapitalLeasesDisclosuresTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 4 &amp;#8211; LONG-TERM OBLIGATIONS AND OPERATING LEASE&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Participating Interests in Export Water Supply and the Tap Participation Fee payable to HP A&amp;#38;M are obligations of the Company that have no scheduled maturity dates. Therefore, these liabilities are not disclosed in tabular format, but they are described below.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Participating Interests in Export Water Supply&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company acquired its Rangeview Water Supply through various amended agreements entered into in the early 1990&amp;#8217;s. The acquisition was consummated with the signing of the CAA in 1996. Upon entering into the CAA, the Company recorded an initial liability of $11.1 million, which represented the cash the Company received from the participating interest holders that was used to purchase the Company&amp;#8217;s Export Water (described in greater detail in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report). The Company agreed to remit a total of $31.8 million of proceeds received from the sale of Export Water to the participating interest holders in return for their initial $11.1 million investments. The obligation for the $11.1 million was recorded as debt, and the remaining $20.7 million contingent liability was not reflected on the Company&amp;#8217;s balance sheet because the obligation to pay this is contingent on the sale of Export Water, the amounts and timing of which are not reasonably determinable.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The CAA obligation is non-interest bearing, and if the Export Water is not sold, the parties to the CAA have no recourse against the Company. If the Company does not sell the Export Water, the holders of the Series B Preferred Stock are also not entitled to payment of any dividend and have no contractual recourse against the Company.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As the proceeds from the sale of Export Water are received and the amounts are remitted to the external CAA holders, the Company allocates a ratable percentage of this payment to the principal portion (the Participating Interests in Export Water Supply&lt;font style="font-style: italic; display: inline"&gt;&amp;#160;&lt;/font&gt;liability account) with the balance of the payment being charged to the contingent obligation portion. Because the original recorded liability, which was $11.1 million, was 35% of the original total liability of $31.8 million, 35% of each payment remitted to the CAA holders is allocated to the recorded liability account. The remaining portion of each payment, or 65%, is allocated to the contingent obligation, which is recorded on a net revenue basis.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;In fiscal years 2007 and 2008, in order to reduce the long term impact of the CAA, the Company repurchased various portions of the CAA obligations in priority. The Company did not make any CAA acquisitions during the three or nine months ended May 31, 2013 and 2012. As a result of the acquisitions, and due to the sale of Export Water, as detailed in the table below, the remaining potential third party obligation at May 31, 2013, is $3.4 million:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 30%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Export Water Proceeds Received&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Initial Export Water Proceeds to Pure Cycle&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total Potential Third party Obligation&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Participating Interests Liability&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Contingency&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Original balances&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8211;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;218,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;31,807,700&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;11,090,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;20,717,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td colspan="4" style="text-align: left; vertical-align: bottom"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="font: italic 10pt times new roman; display: inline"&gt;Activity from inception until August 31, 2012:&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="font: italic 10pt times new roman; display: inline"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; 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border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;158,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(110,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(47,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(16,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(30,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;912,700&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;27,692,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,421,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1,192,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,229,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160;* The Arapahoe County tap fees are less $34,522 in royalties paid to the Land Board.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The CAA includes contractually established priorities which call for payments to CAA holders in order of their priority. This means the first three payees receive their full payment before the next priority level receives any payment and so on until full repayment. The Company will receive $5.1 million of the first priority payout (the remaining entire first priority payout totals $7.3 million as of May 31, 2013).&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Arkansas River Agreement Obligations&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;The&#13;Tap Participation Fee. &lt;/font&gt;The $70.7 million Tap Participation Fee liability at May 31, 2013, represents the estimated&#13;discounted fair value of the Company&amp;#8217;s obligation to pay HP A&amp;#38;M 20% of the Company&amp;#8217;s gross proceeds, or the&#13;equivalent thereof, from the sale of the next 19,427 water taps sold by the Company. Initially the obligation was to pay 10%&#13;of the Company&amp;#8217;s gross proceeds, or the equivalent thereof, from the sale of 40,000 water taps sold after the date of&#13;the Arkansas River Agreement. The 40,000 water taps were reduced to 19,427 water taps as a result of (i) sales of Arkansas&#13;River Valley land in 2006 and 2009, (ii) the sale of unutilized water rights owned by the Company in the Arkansas River&#13;Valley in 2007, (iii) the election made by HP A&amp;#38;M, effective September 1, 2011, pursuant to the Arkansas River Agreement,&#13;to increase the Tap Participation Fee percentage from 10% to 20%, and to take a corresponding 50% reduction in the number of&#13;taps subject to the Tap Participation Fee, and (iv) the allocation of 26.9% of the Net Revenues (defined as all lease and&#13;related income received from the farms less employee expenses, direct expenses for managing the leases and a reasonable&#13;overhead allocation) received by HP A&amp;#38;M from management of the farm leasing operations from September 1, 2011 to August&#13;3, 3012 prior to termination of the Property Management Agreement.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The fair value of the Tap Participation Fee liability is an estimate prepared by management of the Company. The fair value of the liability is based on discounted estimated cash flows subject to the Tap Participation Fee calculated by projecting future annual water tap sales for the number of taps subject to the Tap Participation Fee at the date of valuation. Future cash flows from water tap sales are estimated by utilizing the following historical information, where available:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div&gt;&#13;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 18pt"&gt;&#13;&lt;div&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="width: 18pt"&gt;&#13;&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-family: Symbol, Symbol, serif; display: inline"&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td&gt;&#13;&lt;div style="text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;New homes constructed in the area known as the 11-county &amp;#8220;Front Range&amp;#8221; of Colorado from the 1980&amp;#8217;s through the valuation date. The Company utilized data for this length of time to provide development information over many economic cycles because the Company anticipates development in its targeted service area to encompass many economic cycles over the development period.&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div&gt;&#13;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 18pt"&gt;&#13;&lt;div&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="width: 18pt"&gt;&#13;&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-family: Symbol, Symbol, serif; display: inline"&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td&gt;&#13;&lt;div style="text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;New home construction patterns for large master planned housing developments along the Front Range. The Company utilized this information because these developments are deemed comparable to projects anticipated to be constructed in the Company&amp;#8217;s targeted service area (i.e. these master planned communities were located in predominately undeveloped areas on the outskirts of the Front Range).&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div&gt;&#13;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 18pt"&gt;&#13;&lt;div&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="width: 18pt"&gt;&#13;&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-family: Symbol, Symbol, serif; display: inline"&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td&gt;&#13;&lt;div style="text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Population growth rates for Colorado and the Front Range. Population growth rates were utilized to predict anticipated growth along the Front Range, which was used to predict an estimated number of new homes necessary to house the increased population.&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div&gt;&#13;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 18pt"&gt;&#13;&lt;div&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="width: 18pt"&gt;&#13;&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-family: Symbol, Symbol, serif; display: inline"&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td&gt;&#13;&lt;div style="text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Consumer Price Index since the 1980&amp;#8217;s, which was utilized to project estimated future water tap fees.&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Utilizing&#13;this historical information, the Company projected an estimated new home development pattern in its targeted service&#13;area sufficient to cover the sale of the water taps subject to the Tap Participation Fee at the date of the revaluation,&#13;which was September 1, 2011. The estimated proceeds generated from the sale of those water taps resulted in estimated&#13;payments to HP A&amp;#38;M over the life of the projected development period of $120.6 million, which is an increase of $7.5&#13;million from the previous valuation completed in fiscal 2009. The estimated payments to HP A&amp;#38;M are then discounted to the&#13;current valuation date and the difference between the amount reflected on the Company&amp;#8217;s balance sheet at the valuation&#13;date and the total estimated payments is imputed as interest expense over the estimated development time using the effective&#13;interest method. The implied interest rate for the most recent valuation was 5.3% which was a 1.0% decrease from the prior&#13;valuation completed in fiscal 2009. Based on review of the underlying assumptions used in the September 1, 2011 Tap&#13;Participation Fee valuation there have not been any material changes to these assumptions and therefore no revaluation of the&#13;Tap Participation Fee is deemed necessary.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Actual new home development in the Company&amp;#8217;s service area and actual future tap fees inevitably will vary significantly from the Company&amp;#8217;s estimates, which could have a material impact on the Company&amp;#8217;s consolidated financial statements. An important component in the Company&amp;#8217;s estimate of the value of the Tap Participation Fee, which is based on historical trends, is that the Company reasonably expects water tap fees to continue to increase in the coming years. Tap fees are market based and the continued increase in tap fees reflects, among other things, the increasing costs to acquire and develop new water supplies. Tap fees thus are partially indicative of the increasing value of the Company&amp;#8217;s water assets. The Company continues to assess the value of the Tap Participation Fee liability and updates its valuation analysis whenever events or circumstances indicate the assumptions used to estimate the value of the liability have changed materially. The difference between the net present value and the estimated realizable value will be imputed as interest expense using the effective interest method over the estimated development period utilized in the valuation of the Tap Participation Fee.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The $70.7 million balance at May 31, 2013, includes $25.1 million of interest which has been imputed since the acquisition date, recorded using the effective interest method. Payment of the Tap Participation Fee may be accelerated in the event of a merger, reorganization, sale of substantially all assets, or similar transactions and in the event of bankruptcy and insolvency events.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Promissory Notes Payable by HP A&amp;#38;M in Default. &lt;/font&gt;60 of the 80 properties the Company originally acquired from HP A&amp;#38;M are subject to outstanding promissory notes payable to third parties that are secured by deeds of trust on the Company&amp;#8217;s properties and water rights, as well as mineral interests. HP A&amp;#38;M has now defaulted on all of the promissory notes and informed the Company that it does not intend to pay any of the amounts owed. HP A&amp;#38;M owed approximately $9.6 million of principal and accrued interest at the time of default. These promissory notes are secured by approximately 14,000 acres of land and 16,882 FLCC shares representing water rights owned by the Company.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;On July 2, 2012, the Company formally notified HP A&amp;#38;M that its failure to pay the promissory notes constituted an Event of Default under the Seller Pledge Agreement (as defined below) and a default of a material covenant under the Arkansas River Agreement. The Company informed HP A&amp;#38;M that unless such defaults were cured within thirty days, the Property Management Agreement would be terminated and the Company would proceed to exercise certain rights and remedies under the Arkansas River Agreement, the Seller Pledge Agreement, and the Property Management Agreement to protect its assets. The Company&amp;#8217;s remedies at law and under the Arkansas River Agreement and related agreements include, but are not limited to, the right to (i) foreclose on 1,500,000&amp;#160;shares of Pure Cycle common stock issued to HP A&amp;#38;M and the proceeds therefrom (the &amp;#8220;Pledged Shares&amp;#8221;) which were pledged by HP A&amp;#38;M pursuant to a pledge agreement (the &amp;#8220;Seller Pledge Agreement&amp;#8221;) to secure the payment and performance by HP A&amp;#38;M of the promissory notes described above; (ii) reduce the Tap Participation Fee; (iii) terminate the Property Management Agreement; and (iv) recover damages caused by the defaults, including certain costs and attorneys&amp;#8217; fees.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;On August 3, 2012, the Company formally terminated the Property Management Agreement. On September 27, 2012, the Pledged Shares were sold at auction in a foreclosure sale for $2.35 per share, yielding approximately $3.42 million of proceeds to the Company (net of fees of $110,000). Pursuant to the Arkansas River Agreement, the Company may be entitled to reduce the Tap Participation Fee and recover damages caused by the defaults, including certain costs and attorney&amp;#8217;s fees. The Company intends to pursue such remedies over the next 12 months.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;To protect its land and water interests, during the nine months ended May 31, 2013, the Company purchased approximately $6.9 million of the $9.6 million notes payable by HP A&amp;#38;M and is negotiating the purchase of the remaining $2.7 million with the holders. HP A&amp;#38;M continues to be liable for making the required payments on the notes, and the Company is pursuing remedies to recover the costs and expenses, including reasonable attorneys&amp;#8217; fees, incurred by the Company in protecting the rights and title to the land and water rights securing the notes payable by HP A&amp;#38;M, including the costs incurred in purchasing the notes defaulted on by HP A&amp;#38;M. The amount owed on the outstanding notes was approximately $6.6 million and $9.6 million at May 31, 2013 and August 31, 2012, respectively.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Operating Lease&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Effective December 18, 2012, the Company entered into an operating lease for 1,200 square feet of office space. The lease has a two year term with payments of $1,540 per month.&lt;/font&gt;&lt;/div&gt;</us-gaap:DebtAndCapitalLeasesDisclosuresTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 6 &amp;#8211; RELATED PARTY TRANSACTIONS&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="font: 10pt Times New Roman"&gt;On&#13;December 16, 2009, the Company entered into a Participation Agreement with the District, whereby the Company agreed to provide&#13;funding to the District in connection with the District joining the South Metro Water Supply Authority (&amp;#8220;SMWSA&amp;#8221;).&#13;During the three months ended May 31, 2013 and 2012, the Company provided $50,000 and $7,000 of funding to the District pursuant&#13;to the Participation Agreement, respectively. During the nine months ended May 31, 2013 and 2012, the Company provided $89,500&#13;and $39,700 of funding to the District pursuant to the Participation Agreement, respectively.&amp;#160;&amp;#160;These amounts were expensed&#13;at the time of funding.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;In 1995, the Company extended a loan to the District, a related party. The loan provided for borrowings of up to $250,000, is unsecured, bears interest based on the prevailing prime rate plus 2% (5.25% at May 31, 2013) and matures on December 31, 2013. The Company intends to extend the maturity date of the loan to December 31, 2014. The $552,900 balance of the note receivable at May 31, 2013, includes borrowings of $229,300 and accrued interest of $323,600.&lt;/font&gt;&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 7 &amp;#8211; SIGNIFICANT CUSTOMERS&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company sells wholesale water and wastewater services to the District pursuant to the Rangeview Water Agreements (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report). Sales to the District accounted for 36% and 57% of the Company&amp;#8217;s total water and wastewater revenues for the three months ended May 31, 2013 and 2012, respectively. Sales to the District accounted for 41% and 79% of the Company&amp;#8217;s water and wastewater revenues for the nine months ended May 31, 2013 and 2012, respectively. The District has one significant customer. Pursuant to the Rangeview Water Agreements the Company is providing water and wastewater services to this customer on behalf of the District. The District&amp;#8217;s significant customer accounted for 31% and 37% of the Company&amp;#8217;s total water and wastewater revenues for the three months ended May 31, 2013 and 2012, respectively. The District&amp;#8217;s significant customer accounted for 35% and 49% of the Company&amp;#8217;s water and wastewater revenues for the nine months ended May 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Revenues from another customer represented approximately 49% and 50% of the Company&amp;#8217;s water and wastewater revenues for the three and nine months ended May 31, 2013, respectively. The other customer had no revenues for the three and nine months ended May 31, 2012.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company had accounts receivable from the District which accounted for 12% and 16% of the Company&amp;#8217;s trade receivables balances at May 31, 2013 and August 31, 2012, respectively. Accounts receivable from the District&amp;#8217;s largest customer accounted for 10% and 13% of the Company&amp;#8217;s trade receivables as of May 31, 2013 and August 31, 2012, respectively.&lt;/font&gt;&lt;/div&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
    <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 8 &amp;#8211; ACCRUED LIABILITIES&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;At May 31, 2013, the Company had accrued liabilities of $196,200, of which $98,600 was for estimated property taxes, $44,500 was for professional fees, $27,900 was for farm lease prepayments, and $25,200 related to operating payables.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;At August 31, 2012, the Company had accrued liabilities of $172,600, of which $60,500 was for estimated property taxes, $56,800 was for professional fees, $33,500 was for farm lease prepayments, and the remaining $21,800 related to operating payables.&lt;/font&gt;&lt;/div&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
    <us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 10 &amp;#8211; SEGMENT INFORMATION&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company operates primarily in two lines of business: (i) the wholesale water and wastewater business; and (ii) the agricultural farming business. The Company provides wholesale water and wastewater services to customers using water rights owned by the Company and develops infrastructure to divert, treat and distribute that water and collect, treat and reuse wastewater. The Company&amp;#8217;s agricultural business consists of the Company leasing its Arkansas River Valley land and water to area farmers under cash leases or in certain cases crop share leases. The following tables show information by operating segment for the three and nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt times new roman"&gt;Three months ended May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&#13;&lt;div&gt;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Business segments&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; text-align: center"&gt;&#13;&lt;div style="text-align: center; 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font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;wastewater&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Agricultural&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;All Other&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Revenues&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;99,700&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;296,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;17,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;413,400&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gross profit&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;13,100&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;268,200&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;17,600&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;298,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Depletion and depreciation&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;55,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;55,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Other significant noncash items:&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; 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vertical-align: bottom; width: 60%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Accrued interest and penalties related to HP A&amp;#38;M receivable and related promissory notes&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;78,900&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 16%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Increase in estimated Tap Participation Fee liability and related discount&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;7,450,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Farm revenue allocated against the Tap Participation Fee liability and additional paid-in capital&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;142,300&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;</us-gaap:CashFlowSupplementalDisclosuresTextBlock>
    <us-gaap:UseOfEstimates contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Use of Estimates&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/div&gt;</us-gaap:UseOfEstimates>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Cash and Cash Equivalents&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&amp;#8217;s cash equivalents are comprised entirely of money market funds maintained at a high quality financial institution in an account which at various times during the three and nine months ended May 31, 2013, exceeded federally insured limits. At various times during the three and nine months ended May 31, 2013, the Company&amp;#8217;s main operating account exceeded federally insured limits.&lt;/font&gt;&lt;/div&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Financial Instruments &amp;#8211; Concentration of Credit Risk and Fair Value&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and marketable securities. The Company places its cash equivalents and investments with high quality financial institutions. The Company invests its cash primarily in certificates of deposits, money market instruments, and U.S. government treasury obligations. To date, the Company has not experienced significant losses on any of these investments.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Current Assets and Liabilities &amp;#8211; &lt;/font&gt;The amounts reported on the balance sheets for cash and cash equivalents, trade receivables, and trade payables approximate their fair values because of the short maturity of these instruments.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The amounts reported on the balance sheets for marketable securities represent the fair values of the underlying instruments as reported by the financial institutions where the funds are held as of August 31, 2012. The Company has recorded an accumulated net unrealized loss on its marketable securities of $1,081 as of August 31, 2012. The unrealized loss was the result of changes in interest rates in the market. As of May 31, 2013, the Company is not holding any marketable securities in an effort to create liquidity while the Company is in the process of curing the defaults by High Plains A&amp;#38;M, LLC (&amp;#8220;HP A&amp;#38;M&amp;#8221;).&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Notes Receivable and Construction Proceeds Receivable &amp;#8211; &lt;/font&gt;The amounts reported on the balance sheets for notes receivable and construction proceeds receivable approximate fair value as they bear interest at rates which are comparable to current market rates.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The fair value of the Note Receivable &amp;#8211; related party Rangeview Metropolitan District (the &amp;#8220;District&amp;#8221;) is not practical to estimate due to the related party nature of the underlying transaction.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Receivable from HP A&amp;#38;M &amp;#8211; &lt;/font&gt;As described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; below, HP A&amp;#38;M defaulted on certain promissory notes payable to third parties which are secured by real property and water rights owned by the Company. To protect its property and water rights, the Company has purchased certain of the HP A&amp;#38;M notes. The Company has the right to recover from HP A&amp;#38;M all costs and expenses, including reasonable attorneys&amp;#8217; fees, incurred by the Company in curing the defaulted notes and in protecting its right and title to the property and water rights securing the notes. The Company has recorded the entire amount of the HP A&amp;#38;M notes purchased by the Company and the value of remaining notes the Company is currently negotiating to purchase as a receivable from HP A&amp;#38;M net of the $3.4 million in proceeds received from the sale of 1.5 million shares of the Company&amp;#8217;s Common Stock held as pledged assets. The short term portion of the receivable represents the amount of the defaulted promissory notes payable by HP A&amp;#38;M which were purchased by the Company as of May 31, 2013, due within the next 12 months. The carrying value of the accounts receivable approximate the fair value as the rates are comparable to market rates.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Long-term Financial Liabilities&lt;/font&gt;&lt;font style="display: inline; font-weight: bold"&gt; &amp;#8211; &lt;/font&gt;The Comprehensive Amendment Agreement No. 1 (the &amp;#8220;CAA&amp;#8221; as further described in Note 4 &amp;#8211;&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below) is comprised of a recorded balance and an off-balance sheet or &amp;#8220;contingent&amp;#8221; obligation associated with the Company&amp;#8217;s acquisition of its &amp;#8220;Rangeview Water Supply&amp;#8221; (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets &lt;/font&gt;to the 2012 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &amp;#8220;Export Water&amp;#8221; (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report). Because of the uncertainty of the sale of&amp;#160;&amp;#160;Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The recorded balance of the &amp;#8220;Tap Participation Fee&amp;#8221; liability (as described below and in Note 4 -&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below) is its estimated fair value determined by projecting new home development in the Company&amp;#8217;s targeted service area over an estimated development period.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Notes Payable &amp;#8211; &lt;/font&gt;As of May 31, 2013, the Company has acquired approximately $6.9 million of the $9.6 million of promissory notes that are payable by HP A&amp;#38;M to third parties. These promissory notes were acquired with cash payments of approximately $1.4 million and the issuance of approximately $5.6 million of notes by the Company, the majority of which have a five-year term, bear interest at an annual rate of five percent (5%), and require semi-annual payments with a straight-line amortization schedule. The carrying value of the notes payable approximate the fair value as the rates are comparable to market rates.&lt;/font&gt;&lt;/div&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Revenue Recognition&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Tap and Construction Fees &lt;/font&gt;&amp;#8211; In August 2005, the Company entered into the Water Service Agreement (the &amp;#8220;County Agreement&amp;#8221;) with Arapahoe County (the &amp;#8220;County&amp;#8221;). In fiscal 2006, the Company began recognizing water tap fees as revenue ratably over the estimated service period upon completion of the &amp;#8220;Wholesale Facilities&amp;#8221; (defined in the 2012 Annual Report) constructed to provide service to the County. The Company recognized $3,600 of water tap fee revenues during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $10,700 of water tap fee revenues during each of the nine months ended May 31, 2013 and 2012, respectively. The water tap fees to be recognized over this period are net of the royalty payments to the State of Colorado Board of Land Commissioners (the &amp;#8220;Land Board&amp;#8221;) and amounts paid to third parties pursuant to the CAA as further described in Note 4 &amp;#8211;&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company recognized $10,400 of &amp;#8220;Special Facilities&amp;#8221; (defined in the 2012 Annual Report) funding as revenue during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $31,100 of Special Facilities funding as revenue during each of the nine months ended May 31, 2013 and 2012, respectively. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As of May 31, 2013, the Company has deferred recognition of $1.3 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Farm Operations &amp;#8211; &lt;/font&gt;The Company leases its Arkansas River water and land to area farmers who actively farm the properties. Prior to August 3, 2012, pursuant to a property management agreement between HP A&amp;#38;M and the Company (the &amp;#8220;Property Management Agreement&amp;#8221;), HP A&amp;#38;M received a management fee equal to 100% of the income from the land and water leases. As a result, the Company presented its land and water lease income net of the management fees paid to HP A&amp;#38;M. Effective August 3, 2012, the Company terminated the Property Management Agreement due to a default by HP A&amp;#38;M on certain promissory notes secured by deeds of trust on the land and water purchased by the Company from HP A&amp;#38;M in 2006. Effective August 3, 2012, the Company manages the land and water leases and the income from the land and water leases became payable to the Company. Pursuant to the farm lease agreements, the Company bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual water deliveries by the Fort Lyon Canal Company (&amp;#8220;FLCC&amp;#8221;) or are based on crop yields. Subsequent to August 3, 2012, the Company records farm lease income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases. The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as of May 31, 2013, was determined by the Company&amp;#8217;s specific review of all past due accounts. The Company has recorded allowances for doubtful accounts totaling $41,100 and $20,400 as of May 31, 2013 and August 31, 2012, respectively. As of May 31, 2013 the company has recorded deferred revenue of $82,565 on its farm income related to billings for future periods. The Company manages the farm lease business as a separate line of business from the wholesale water and wastewater business.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Royalty and other obligations &amp;#8211;&amp;#160;&amp;#160;&lt;/font&gt;Revenues from the sale of Export Water are shown net of royalties payable to the Land Board. Revenues from the sale of water on the &amp;#8220;Lowry Range&amp;#8221; (described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report) are shown net of the royalties to the Land Board and the amounts retained by the District.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Oil&#13;and Gas Lease Payments &amp;#8211;&amp;#160;&amp;#160;&lt;/font&gt;As further described in Note 2 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Summary&#13;of Significant Accounting Policies&lt;/font&gt;&amp;#160;to the 2012 Annual Report, on March 10, 2011, the Company entered into a&#13;Paid-Up Oil and Gas Lease (the &amp;#8220;O&amp;#38;G Lease&amp;#8221;) and a Surface Use and Damage Agreement (the &amp;#8220;Surface Use&#13;Agreement&amp;#8221;) with Anadarko E&amp;#38;P Company, L.P. (&amp;#8220;Anadarko&amp;#8221;), a wholly owned subsidiary of Anadarko&#13;Petroleum Company. In December of 2012 the O&amp;#38;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips&#13;Company. Pursuant to the O&amp;#38;G Lease, during the year ended August 31, 2011, the Company received up-front payments of&#13;$1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of&#13;mineral estate owned by the Company at its &amp;#8220;Sky Ranch&amp;#8221; property (described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water&#13;Assets&lt;/font&gt; to the 2012 Annual Report). The Company began recognizing the up-front payments as income on a straight-line&#13;basis over three years (the initial term of the O&amp;#38;G Lease) on March 10, 2011. During the three months ended May 31, 2013&#13;and 2012, the Company recognized $103,600 and $104,600, respectively, of income and royalty related to the up-front payments&#13;received pursuant to the O&amp;#38;G Lease. During the nine months ended May 31, 2013 and 2012, the Company recognized $310,900&#13;and $319,400, respectively, of income and royalty related to the up-front payments received pursuant to the O&amp;#38;G&#13;Lease.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As of May 31, 2013, the Company has deferred recognition of $328,100 of income related to the O&amp;#38;G Lease, which will be recognized into income ratably through February 2014.&lt;/font&gt;&lt;/div&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
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    <us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 1 &amp;#8211; PRESENTATION OF INTERIM INFORMATION&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The May 31, 2013 consolidated balance sheet, the consolidated statements of comprehensive loss for the three and nine months ended May 31, 2013 and 2012, respectively and the consolidated statements of cash flows for the nine months ended May 31, 2013 and 2012, respectively, have been prepared by Pure Cycle Corporation (the &amp;#8220;Company&amp;#8221;) and have not been audited. In the opinion of management, all adjustments necessary to present fairly the financial position, results of operations and cash flows at May 31, 2013, and for all periods presented have been made appropriately.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#8220;GAAP&amp;#8221;) have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2012 Annual Report on Form 10-K (the &amp;#8220;2012 Annual Report&amp;#8221;) filed with the Securities and Exchange Commission (the &amp;#8220;SEC&amp;#8221;) on November 28, 2012. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year. The August 31, 2012 balance sheet was derived directly from the Company&amp;#8217;s audited financial statements.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Use of Estimates&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Cash and Cash Equivalents&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&amp;#8217;s cash equivalents are comprised entirely of money market funds maintained at a high quality financial institution in an account which at various times during the three and nine months ended May 31, 2013, exceeded federally insured limits. At various times during the three and nine months ended May 31, 2013, the Company&amp;#8217;s main operating account exceeded federally insured limits.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Financial Instruments &amp;#8211; Concentration of Credit Risk and Fair Value&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and marketable securities. The Company places its cash equivalents and investments with high quality financial institutions. The Company invests its cash primarily in certificates of deposits, money market instruments, and U.S. government treasury obligations. To date, the Company has not experienced significant losses on any of these investments.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Current Assets and Liabilities &amp;#8211; &lt;/font&gt;The amounts reported on the balance sheets for cash and cash equivalents, trade receivables, and trade payables approximate their fair values because of the short maturity of these instruments.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The&#13;amounts reported on the balance sheets for marketable securities represent the fair values of the underlying instruments&#13;as reported by the financial institutions where the funds are held as of August 31, 2012. The Company has recorded&#13;an accumulated net unrealized loss on its marketable securities of $1,081 as of August 31, 2012. The unrealized loss was&#13;the result of changes in interest rates in the market. As of May 31, 2013, the Company is not holding any marketable&#13;securities in an effort to create liquidity while the Company is in the process of curing the defaults by High Plains&#13;A&amp;#38;M, LLC (&amp;#8220;HP A&amp;#38;M&amp;#8221;).&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Notes Receivable and Construction Proceeds Receivable &amp;#8211; &lt;/font&gt;The amounts reported on the balance sheets for notes receivable and construction proceeds receivable approximate fair value as they bear interest at rates which are comparable to current market rates.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The fair value of the Note Receivable &amp;#8211; related party Rangeview Metropolitan District (the &amp;#8220;District&amp;#8221;) is not practical to estimate due to the related party nature of the underlying transaction.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Receivable from HP A&amp;#38;M &amp;#8211; &lt;/font&gt;As described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; below, HP A&amp;#38;M defaulted on certain promissory notes payable to third parties which are secured by real property and water rights owned by the Company. To protect its property and water rights, the Company has purchased certain of the HP A&amp;#38;M notes. The Company has the right to recover from HP A&amp;#38;M all costs and expenses, including reasonable attorneys&amp;#8217; fees, incurred by the Company in curing the defaulted notes and in protecting its right and title to the property and water rights securing the notes. The Company has recorded the entire amount of the HP A&amp;#38;M notes purchased by the Company and the value of remaining notes the Company is currently negotiating to purchase as a receivable from HP A&amp;#38;M net of the $3.4 million in proceeds received from the sale of 1.5 million shares of the Company&amp;#8217;s Common Stock held as pledged assets. The short term portion of the receivable represents the amount of the defaulted promissory notes payable by HP A&amp;#38;M which were purchased by the Company as of May 31, 2013, due within the next 12 months. The carrying value of the accounts receivable approximate the fair value as the rates are comparable to market rates.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Long-term Financial Liabilities&lt;/font&gt;&lt;font style="display: inline; font-weight: bold"&gt; &amp;#8211; &lt;/font&gt;The Comprehensive Amendment Agreement No. 1 (the &amp;#8220;CAA&amp;#8221; as further described in Note 4 &amp;#8211;&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below) is comprised of a recorded balance and an off-balance sheet or &amp;#8220;contingent&amp;#8221; obligation associated with the Company&amp;#8217;s acquisition of its &amp;#8220;Rangeview Water Supply&amp;#8221; (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets &lt;/font&gt;to the 2012 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &amp;#8220;Export Water&amp;#8221; (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report). Because of the uncertainty of the sale of&amp;#160;&amp;#160;Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The recorded balance of the &amp;#8220;Tap Participation Fee&amp;#8221; liability (as described below and in Note 4 -&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below) is its estimated fair value determined by projecting new home development in the Company&amp;#8217;s targeted service area over an estimated development period.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Notes Payable &amp;#8211; &lt;/font&gt;As of May 31, 2013, the Company has acquired approximately $6.9 million of the $9.6 million of promissory notes that are payable by HP A&amp;#38;M to third parties. These promissory notes were acquired with cash payments of approximately $1.4 million and the issuance of approximately $5.6 million of notes by the Company, the majority of which have a five-year term, bear interest at an annual rate of five percent (5%), and require semi-annual payments with a straight-line amortization schedule. The carrying value of the notes payable approximate the fair value as the rates are comparable to market rates.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="display: inline; font-weight: bold; text-decoration: underline"&gt;Tap Participation Fee&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;This note should be read in conjunction with Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; below.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Pursuant to the Asset Purchase Agreement (the &amp;#8220;Arkansas River Agreement&amp;#8221;) dated May 10, 2006, the Company is obligated to pay HP A&amp;#38;M a defined percentage of a defined number of water tap fees the Company receives after the date of the Arkansas River Agreement. A Tap Participation Fee is due and payable once the Company has sold a water tap and received the consideration due for such water tap. The Company did not sell any water taps during the three or nine months ended May 31, 2013 or 2012.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company imputes interest expense on the unpaid Tap Participation Fee using the effective interest method over an estimated period which is utilized in the valuation of the liability. The Company imputed interest of $871,900 and $873,000 during the three months ended May 31, 2013 and 2012, respectively. The Company imputed interest of $2,416,600 and $2,586,800 during the nine months ended May 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;At May 31, 2013, there remain 19,427 water taps subject to the Tap Participation Fee.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Revenue Recognition&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="font: 10pt Times New Roman"&gt;&lt;b&gt;&lt;i&gt;Tap&#13;and Construction Fees &lt;/i&gt;&lt;/b&gt;&amp;#8211; In August 2005, the Company entered into the Water Service Agreement (the &amp;#8220;County&#13;Agreement&amp;#8221;) with Arapahoe County (the &amp;#8220;County&amp;#8221;). In fiscal 2006, the Company began recognizing water tap fees&#13;as revenue ratably over the estimated service period upon completion of the &amp;#8220;Wholesale Facilities&amp;#8221; (defined in the&#13;2012 Annual Report) constructed to provide service to the County. The Company recognized $3,600 of water tap fee revenues during&#13;each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $10,700 of water tap fee revenues during&#13;each of the nine months ended May 31, 2013 and 2012, respectively. The water tap fees to be recognized over this period are net&#13;of the royalty payments to the State of Colorado Board of Land Commissioners (the &amp;#8220;Land Board&amp;#8221;) and amounts paid to&#13;third parties pursuant to the CAA as further described in Note 4 &amp;#8211;&lt;i&gt; Long-Term Obligations and Operating Lease&lt;/i&gt; below.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company recognized $10,400 of &amp;#8220;Special Facilities&amp;#8221; (defined in the 2012 Annual Report) funding as revenue during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $31,100 of Special Facilities funding as revenue during each of the nine months ended May 31, 2013 and 2012, respectively. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As of May 31, 2013, the Company has deferred recognition of $1.3 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Farm Operations &amp;#8211; &lt;/font&gt;The Company leases its Arkansas River water and land to area farmers who actively farm the properties. Prior to August 3, 2012, pursuant to a property management agreement between HP A&amp;#38;M and the Company (the &amp;#8220;Property Management Agreement&amp;#8221;), HP A&amp;#38;M received a management fee equal to 100% of the income from the land and water leases. As a result, the Company presented its land and water lease income net of the management fees paid to HP A&amp;#38;M. Effective August 3, 2012, the Company terminated the Property Management Agreement due to a default by HP A&amp;#38;M on certain promissory notes secured by deeds of trust on the land and water purchased by the Company from HP A&amp;#38;M in 2006. Effective August 3, 2012, the Company manages the land and water leases and the income from the land and water leases became payable to the Company. Pursuant to the farm lease agreements, the Company bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual water deliveries by the Fort Lyon Canal Company (&amp;#8220;FLCC&amp;#8221;) or are based on crop yields. Subsequent to August 3, 2012, the Company records farm lease income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases. The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as of May 31, 2013, was determined by the Company&amp;#8217;s specific review of all past due accounts. The Company has recorded allowances for doubtful accounts totaling $41,100 and $20,400 as of May 31, 2013 and August 31, 2012, respectively. As of May 31, 2013 the company has recorded deferred revenue of $82,565 on its farm income related to billings for future periods. The Company manages the farm lease business as a separate line of business from the wholesale water and wastewater business.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Royalty and other obligations &amp;#8211;&amp;#160;&amp;#160;&lt;/font&gt;Revenues from the sale of Export Water are shown net of royalties payable to the Land Board. Revenues from the sale of water on the &amp;#8220;Lowry Range&amp;#8221; (described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report) are shown net of the royalties to the Land Board and the amounts retained by the District.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Oil&#13;and Gas Lease Payments &amp;#8211;&amp;#160;&amp;#160;&lt;/font&gt;As further described in Note 2 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Summary&#13;of Significant Accounting Policies&lt;/font&gt;&amp;#160;to the 2012 Annual Report, on March 10, 2011, the Company entered into a&#13;Paid-Up Oil and Gas Lease (the &amp;#8220;O&amp;#38;G Lease&amp;#8221;) and a Surface Use and Damage Agreement (the &amp;#8220;Surface Use&#13;Agreement&amp;#8221;) with Anadarko E&amp;#38;P Company, L.P. (&amp;#8220;Anadarko&amp;#8221;), a wholly owned subsidiary of Anadarko&#13;Petroleum Company. In December of 2012 the O&amp;#38;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips&#13;Company. Pursuant to the O&amp;#38;G Lease, during the year ended August 31, 2011, the Company received up-front payments of&#13;$1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of&#13;mineral estate owned by the Company at its &amp;#8220;Sky Ranch&amp;#8221; property (described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water&#13;Assets&lt;/font&gt; to the 2012 Annual Report). The Company began recognizing the up-front payments as income on a straight-line&#13;basis over three years (the initial term of the O&amp;#38;G Lease) on March 10, 2011. During the three months ended May&#13;31, 2013 and 2012, the Company recognized $103,600 and $104,600, respectively, of income and royalty related to the up-front&#13;payments received pursuant to the O&amp;#38;G Lease. During the nine months ended May 31, 2013 and 2012, the Company recognized&#13;$310,900 and $319,400, respectively, of income and royalty related to the up-front payments received pursuant to the O&amp;#38;G&#13;Lease.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As of May 31, 2013, the Company has deferred recognition of $328,100 of income related to the O&amp;#38;G Lease, which will be recognized into income ratably through February 2014.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Costs to construct water and wastewater systems that meet the Company&amp;#8217;s capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line basis over their estimated useful lives of up to thirty years. The Company capitalizes design and construction costs related to construction activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of its water assets. The Company depletes its groundwater assets that are being utilized on the basis of units produced (i.e. thousands of gallons sold) divided by the total volume of water adjudicated in the water decrees.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Share-based Compensation&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company maintains a stock option plan for the benefit of its employees and non-employee directors. The Company records share-based compensation costs as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative transition method for calculating the tax effects of share-based compensation, which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options has no impact on the income tax provisions.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company recognized $19,200 and $2,100 of share-based compensation expense during the three months ended May 31, 2013 and 2012, respectively. During each of the nine months ended May 31, 2013 and 2012, the Company recognized $42,300 of share-based compensation expense.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Income taxes&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company uses a "more-likely-than-not" threshold for the recognition and de-recognition of tax positions, including any potential interest and penalties relating to tax positions taken by the Company. The Company did not have any significant unrecognized tax benefits as of May 31, 2013.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal 2010 through fiscal 2012. The Company does not believe there will be any material changes in its unrecognized tax positions over the next twelve months.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At May 31, 2013, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or nine months ended May 31, 2013 and 2012.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Loss per Common Share&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Loss per common share is computed by dividing net loss by the weighted average number of shares outstanding during each period. Common stock options and warrants aggregating 247,600 and 263,100 common share equivalents were outstanding as of May 31, 2013 and 2012, respectively, and have been excluded from the calculation of loss per common share as their effect is anti-dilutive.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Recently Issued Accounting Pronouncements&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&amp;#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company&amp;#8217;s consolidated financial statements properly reflect the change.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;In June 2011, the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2011-05, &lt;font style="font-style: italic; display: inline"&gt;Comprehensive Income (Topic 220) &amp;#8211; Presentation of Comprehensive Income&lt;/font&gt; (&amp;#8220;ASU 2011-05&amp;#8221;). ASU 2011-05 requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. ASU 2011-05 is effective for fiscal years beginning after December 15, 2011 (September 1, 2012 for the Company). The adoption of ASU 2011-05 did not have a material impact on its results of operations, financial condition or cash flows.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;In February 2013, the FASB issued ASU No. 2013-02, &lt;font style="font-style: italic; display: inline"&gt;Comprehensive Income (Topic 220) -&lt;/font&gt; &lt;font style="font-style: italic; display: inline"&gt;Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income&lt;/font&gt; (&amp;#8220;ASU 2013-02). ASU 2013-02 finalizes Proposed ASU No. 2012-240, and seeks to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. ASU 2013-02 is effective &lt;font style="display: inline; font-family: Times New Roman"&gt;prospectively for reporting periods beginning after December 15, 2012 (September 1, 2013 for the Company). The adoption of ASU 2013-02 will not have a material impact on its results of operations, financial condition or cash flows.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 5 &amp;#8211; SHAREHOLDERS&amp;#8217; EQUITY&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company maintains the 2004 Incentive Plan (the &amp;#8220;Equity Plan&amp;#8221;), which was approved by shareholders in April 2004. Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants pursuant to the Equity Plan. Pursuant to the Equity Plan, options to purchase shares of stock and restricted stock awards can be granted with exercise prices, vesting conditions and other performance criteria determined by the Compensation Committee of the Board. The Company initially reserved 1.6 million shares of common stock for issuance under the Equity Plan. At May 31, 2013, the Company had 1,318,311 common shares remaining that can be granted to eligible participants pursuant to the Equity Plan.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table summarizes the stock option activity for the Equity Plan for the nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: left"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Number of Options&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Exercise Price&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Remaining Contractual Term&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Approximate Aggregate Instrinsic Value&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&#13;&lt;div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Outstanding at beginning of period (Aug. 31, 2012)&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;215,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.88&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left; text-indent: 0pt; padding-left: 2%; margin-left: 0pt; margin-right: 0pt"&gt;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Granted&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;32,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3.15&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; 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font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px; padding-left: 2%"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Forfeited or expired&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Outstanding at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;247,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.52&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6.4&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;161,475&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Options exercisable at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;205,000&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6.03&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.5&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;114,165&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table summarizes the activity and value of non-vested options as of and for the nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: center"&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;&#13;&lt;tr&gt;&#13;&lt;td style="vertical-align: bottom; width: 60%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Number of Options&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Grant Date Fair Value&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%"&gt;&#13;&lt;div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Non-vested options outstanding at beginning of period&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;22,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1.72&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-left: 2%"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Granted&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;32,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2.36&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-left: 2%"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Vested&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(12,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1.50&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: white"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px; padding-left: 2%"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Forfeited&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;&#13;&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Options not vested at May 31, 2013&lt;/font&gt;&lt;/div&gt;&#13;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,500&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2.28&lt;/font&gt;&lt;/td&gt;&#13;&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&lt;/table&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;All non-vested options are expected to vest. The total fair value of options vested during the three and nine months ended May 31, 2013 and 2012 was $18,800 and $38,900, respectively.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Stock-based compensation expense for the three months ended May 31, 2013 and 2012, was $19,200 and $13,600, respectively. Stock-based compensation expense for the nine months ended May 31, 2013 and 2012, was $42,300 and $42,300, respectively.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;At May 31, 2013, the Company had unrecognized expenses relating to non-vested options that are expected to vest totaling $51,200 which have a weighted average life of less than 1 year. The Company has not recorded any excess tax benefits to additional paid-in capital.&lt;/font&gt;&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <us-gaap:LegalMattersAndContingenciesTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 9 &amp;#8211; LITIGATION LOSS CONTINGENCIES&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company is involved in various claims, litigation and other legal proceedings that arise in the ordinary course of its business. The Company records an accrual for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. The Company makes such estimates based on information known about the claims and experience in contesting, litigating and settling similar claims. Disclosures are also provided for reasonably possible losses that could have a material effect on the Company's financial position, results of operations or cash flows.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Because each of the lawsuits below involves complex legal issues and uncertainties and are in the early stages of litigation, the Company has determined that no accruals for losses related to the lawsuits&amp;#160;are reasonably estimable or deemed reasonably likely at this time.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As discussed in a Form 8-K filed on December 19, 2011, on that date the Company and the District filed a lawsuit against the State of Colorado by and through the Land Board. The complaint was filed with the District Court, City and County of Denver, State of Colorado. The Company and the District are claiming that the Land Board breached, and will breach, agreements entered into by the Land Board with the Company and the District in connection with a 1996 settlement agreement. Those agreements include (i) the Amended and Restated Water Lease, dated as of April 4, 1996, between the Land Board and the District (the "Lease")&amp;#160;and (ii) the Service Agreement of the same date between the Company and the District. As initially reported in a Current Report on Form 8-K filed on November 29, 2011, the Land Board issued a Request for Proposal that included a draft lease agreement related to oil and gas rights at the Land Board&amp;#8217;s Lowry Range. The Company believes the draft lease agreement did not adequately address or protect the Company&amp;#8217;s exclusive right to provide water to the Lowry Range. The Land Board subsequently entered into an oil and gas lease for the Lowry Range, which, like the draft lease, does not protect the Company&amp;#8217;s exclusive rights. As a result of this breach, the Company and the District are claiming damages to be proven at trial.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&#13;&#13;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As disclosed in two Form 8-K&amp;#8217;s, one filed on February 16, 2012, and one filed on February 29, 2012, HP A&amp;#38;M initiated a lawsuit against the Company in District Court, City and County of Denver, State of Colorado on February 27, 2012, alleging breaches of representations made in connection with the Arkansas River Agreement. The HP A&amp;#38;M claims relate to the issues currently being litigated between the Company and the Land Board regarding the Company&amp;#8217;s exclusive right to provide water service to the Land Board&amp;#8217;s Lowry Range property. The Company believes the allegations are without merit and intends to vigorously defend against them.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"&gt;&amp;#160;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Land Board asserted certain counterclaims in the lawsuit described above that relate to operational disputes under the Lease. On June 14, 2013, the Company, the District and the Land Board entered into an Arbitration Agreement pursuant to which the parties have agreed to submit three counterclaims under the Lease to binding arbitration: (i) whether revenue from wastewater services are subject to royalties under the Lease and the appropriate payment for a right-of-way for a wastewater reclamation facility, (ii) whether Export Water royalties are owed on a net or gross proceeds basis, and (iii) if, and/or how water from the four aquifers under the Lowry Range should be blended for sale, as well as any related claims of the Company and the District for offset, credit or overpayment of previous royalties paid and defenses to the three claims. The counterclaims have been dismissed from the lawsuit without prejudice. An arbitrator has not yet been selected, so the timing of resolution of these claims is unknown. Because the arbitration has not proceeded past the agreement stage and the outcome is uncertain, the Company has determined that accruals for losses related to the arbitration are not reasonably estimable or deemed reasonably likely at this time. The Company and the District believe that they have been conducting their operations in accordance with the Lease and are prepared to defend their decisions in the arbitration.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&#13;&lt;/div&gt;&#13;&#13;&#13;&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;During the nine month period ended May 31, 2013, foreclosure proceedings were commenced against 37 of the properties acquired by the Company from HP A&amp;#38;M which are subject to promissory notes defaulted upon by HP A&amp;#38;M and secured by deeds of trust on the Company&amp;#8217;s land and water rights.&amp;#160;Subsequent to May&amp;#160;31, 2013, a foreclosure proceeding was commenced against one additional property.&amp;#160;These properties represent approximately 40% of the Company&amp;#8217;s FLLC shares and over 45% of the Company&amp;#8217;s Arkansas River land.&amp;#160;&amp;#160;The proceedings were filed on various dates from January 9, 2013 through July 3, 2013, with the Public Trustees of Bent, Otero and Prowers Counties in Colorado and involve claims against HP A&amp;#38;M for its failure to pay the notes.&amp;#160;&amp;#160;Foreclosure proceedings in Colorado take at least nine months to conclude.&amp;#160;&amp;#160;Due to statutory protections afforded to the Company as the owner of the properties and the Company&amp;#8217;s liquidity, the Company anticipates concluding these foreclosure proceedings on terms which will not have a material adverse effect on its financial position, results of operations or cash flows.&amp;#160;&amp;#160;The Company also intends to pursue remedies against HP A&amp;#38;M for the defaults. The Company has recorded no accrual for loss related to the foreclosures because the Company has determined that losses related to the foreclosure proceedings are not probable. Further, the Company estimates that any reasonably possible loss would be zero or immaterial in amount.&lt;/font&gt;&lt;/div&gt;</us-gaap:LegalMattersAndContingenciesTextBlock>
    <pcyo:TapParticipationFeePolicyTextBlock contextRef="From2012-09-01to2013-05-31">&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="display: inline; font-weight: bold; text-decoration: underline"&gt;Tap Participation Fee&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;This note should be read in conjunction with Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; below.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Pursuant to the Asset Purchase Agreement (the &amp;#8220;Arkansas River Agreement&amp;#8221;) dated May 10, 2006, the Company is obligated to pay HP A&amp;#38;M a defined percentage of a defined number of water tap fees the Company receives after the date of the Arkansas River Agreement. A Tap Participation Fee is due and payable once the Company has sold a water tap and received the consideration due for such water tap. The Company did not sell any water taps during the three or nine months ended May 31, 2013 or 2012.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company imputes interest expense on the unpaid Tap Participation Fee using the effective interest method over an estimated period which is utilized in the valuation of the liability. The Company imputed interest of $871,900 and $873,000 during the three months ended May 31, 2013 and 2012, respectively. The Company imputed interest of $2,416,600 and $2,586,800 during the nine months ended May 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/div&gt;&#13;&#13;&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;&#13;&lt;/div&gt;&#13;&#13;&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;At May 31, 2013, there remain 19,427 water taps subject to the Tap Participation Fee.&lt;/font&gt;&lt;/div&gt;</pcyo:TapParticipationFeePolicyTextBlock>
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      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-01" xml:lang="en-US">The Arapahoe County tap fees are less $34,522 in royalties paid to the Land Board.</link:footnote>
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	<link:roleType roleURI="http://purecyclewater.com/role/ChangesintheTapParticipationFeeTable" id="ChangesintheTapParticipationFeeTable">
	  <link:definition>0026 - Disclosure - Fair Value Measurements (Details 1)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/NoteDetail00" id="NoteDetail00">
	  <link:definition>0027 - Disclosure - Investments in Water, Water Systems, Land and Improvements (Detail Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://purecyclewater.com/role/CostsandAccumulatedDepreciationTable" id="CostsandAccumulatedDepreciationTable">
	  <link:definition>0028 - Disclosure - Investments in Water, Water Systems, Land and Improvements (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://purecyclewater.com/role/NoteDetail000" id="NoteDetail000">
	  <link:definition>0029 - Disclosure - Long-Term Obligations and Operating Lease (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://purecyclewater.com/role/PotentialThirdPartyObligationTable" id="PotentialThirdPartyObligationTable">
	  <link:definition>0030 - Disclosure - Long-Term Obligations and Operating Lease (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://purecyclewater.com/role/NoteDetail0000" id="NoteDetail0000">
	  <link:definition>0031 - Disclosure - Shareholders' Equity (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/ThefollowingtablesummarizesthestockoptionactivityfortheEquityPlanTable" id="ThefollowingtablesummarizesthestockoptionactivityfortheEquityPlanTable">
	  <link:definition>0032 - Disclosure - Shareholders' Equity (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://purecyclewater.com/role/NonVestedOptionsActivityTable" id="NonVestedOptionsActivityTable">
	  <link:definition>0033 - Disclosure - Shareholders' Equity (Details 1)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/NoteDetail00000" id="NoteDetail00000">
	  <link:definition>0034 - Disclosure - Related Party Transactions (Details Narrative)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/NoteDetail000000" id="NoteDetail000000">
	  <link:definition>0035 - Disclosure - Significant Customers (Details Narrative)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/NoteDetail0000000" id="NoteDetail0000000">
	  <link:definition>0036 - Disclosure - Accrued Liabilities (Detail Narrative)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/NoteDetail00000000" id="NoteDetail00000000">
	  <link:definition>0037 - Disclosure - Litigation Loss Contingencies (Details Narrative)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/NoteDetail000000000" id="NoteDetail000000000">
	  <link:definition>0038 - Disclosure - Segment Information (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://purecyclewater.com/role/SegmentReportingInformationTable" id="SegmentReportingInformationTable">
	  <link:definition>0039 - Disclosure - Segment Information (Details)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/NoncashActivitiesTable" id="NoncashActivitiesTable">
	  <link:definition>0040 - Disclosure - Supplemental Disclosures Of Non-cash Activities (Details)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>6
<FILENAME>pcyo-20130531_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>pcyo-20130531_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DiscountToBeImputedAsInterestExpenseInFuturePeriodsMember_lbl" xml:lang="en-US">Discount To Be Imputed As Interest Expense In Future Periods</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_RangeviewWaterSupplyAndWaterSystemMember" xlink:label="pcyo_RangeviewWaterSupplyAndWaterSystemMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewWaterSupplyAndWaterSystemMember" xlink:to="pcyo_RangeviewWaterSupplyAndWaterSystemMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RangeviewWaterSupplyAndWaterSystemMember_lbl" xml:lang="en-US">Rangeview Water Supply And Water System</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ArkansasRiverValleyAssetsMember" xlink:label="pcyo_ArkansasRiverValleyAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ArkansasRiverValleyAssetsMember" xlink:to="pcyo_ArkansasRiverValleyAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ArkansasRiverValleyAssetsMember_lbl" xml:lang="en-US">Arkansas River Valley Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_RangeviewWaterSupplyMember" xlink:label="pcyo_RangeviewWaterSupplyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewWaterSupplyMember" xlink:to="pcyo_RangeviewWaterSupplyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RangeviewWaterSupplyMember_lbl" xml:lang="en-US">Rangeview Water Supply</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_SkyRanchWaterRightsAndOtherCostsMember" xlink:label="pcyo_SkyRanchWaterRightsAndOtherCostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SkyRanchWaterRightsAndOtherCostsMember" xlink:to="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl" xml:lang="en-US">Sky Ranch Water Rights And Other Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_FairgroundsWaterAndWaterSystemMember" xlink:label="pcyo_FairgroundsWaterAndWaterSystemMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_FairgroundsWaterAndWaterSystemMember" xlink:to="pcyo_FairgroundsWaterAndWaterSystemMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_FairgroundsWaterAndWaterSystemMember_lbl" xml:lang="en-US">Fairgrounds Water And Water System</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_RangeviewWaterSystemMember" xlink:label="pcyo_RangeviewWaterSystemMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewWaterSystemMember" xlink:to="pcyo_RangeviewWaterSystemMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RangeviewWaterSystemMember_lbl" xml:lang="en-US">Rangeview Water System</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_WaterSupplyOtherMember" xlink:label="pcyo_WaterSupplyOtherMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WaterSupplyOtherMember" xlink:to="pcyo_WaterSupplyOtherMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WaterSupplyOtherMember_lbl" xml:lang="en-US">Water Supply Other</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NotRecordedOnBalanceSheetsMember" xlink:label="pcyo_NotRecordedOnBalanceSheetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NotRecordedOnBalanceSheetsMember" xlink:to="pcyo_NotRecordedOnBalanceSheetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NotRecordedOnBalanceSheetsMember_lbl" xml:lang="en-US">Not Recorded On Balance Sheets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:label="us-gaap_LossContingenciesByNatureOfContingencyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:to="us-gaap_LossContingenciesByNatureOfContingencyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingenciesByNatureOfContingencyAxis_lbl" xml:lang="en-US">Loss Contingency Nature [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_FirstPriorityPayoutMember" xlink:label="pcyo_FirstPriorityPayoutMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_FirstPriorityPayoutMember" xlink:to="pcyo_FirstPriorityPayoutMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_FirstPriorityPayoutMember_lbl" xml:lang="en-US">First Priority Payout</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_RemainingFirstPriortiyPayoutMember" xlink:label="pcyo_RemainingFirstPriortiyPayoutMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RemainingFirstPriortiyPayoutMember" xlink:to="pcyo_RemainingFirstPriortiyPayoutMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RemainingFirstPriortiyPayoutMember_lbl" xml:lang="en-US">Remaining First Priortiy Payout</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MaximumMember" xlink:label="us-gaap_MaximumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US">Maximum</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="us-gaap_MinimumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US">Minimum</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_InitialExportWaterProceedsToPureCycleMember" xlink:label="pcyo_InitialExportWaterProceedsToPureCycleMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_InitialExportWaterProceedsToPureCycleMember" xlink:to="pcyo_InitialExportWaterProceedsToPureCycleMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_InitialExportWaterProceedsToPureCycleMember_lbl" xml:lang="en-US">Initial Export Water Proceeds To Pure Cycle</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US">Debt Instrument [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_TotalPotentialThirdPartyObligationMember" xlink:label="pcyo_TotalPotentialThirdPartyObligationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TotalPotentialThirdPartyObligationMember" xlink:to="pcyo_TotalPotentialThirdPartyObligationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_TotalPotentialThirdPartyObligationMember_lbl" xml:lang="en-US">Total Potential Third Party Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ParticipatingInterestsLiabilityMember" xlink:label="pcyo_ParticipatingInterestsLiabilityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ParticipatingInterestsLiabilityMember" xlink:to="pcyo_ParticipatingInterestsLiabilityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ParticipatingInterestsLiabilityMember_lbl" xml:lang="en-US">Participating Interests Liability</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ContingencyMember" xlink:label="pcyo_ContingencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ContingencyMember" xlink:to="pcyo_ContingencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ContingencyMember_lbl" xml:lang="en-US">Contingency</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_AcquisitionsMember" xlink:label="pcyo_AcquisitionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AcquisitionsMember" xlink:to="pcyo_AcquisitionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_AcquisitionsMember_lbl" xml:lang="en-US">Acquisitions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="us-gaap_BusinessAcquisitionAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xml:lang="en-US">Business Acquisition [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_OptionPaymentsMember" xlink:label="pcyo_OptionPaymentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OptionPaymentsMember" xlink:to="pcyo_OptionPaymentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_OptionPaymentsMember_lbl" xml:lang="en-US">Option Payments</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ExportWaterProceedsReceivedMember" xlink:label="pcyo_ExportWaterProceedsReceivedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterProceedsReceivedMember" xlink:to="pcyo_ExportWaterProceedsReceivedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ExportWaterProceedsReceivedMember_lbl" xml:lang="en-US">Export Water Proceeds Received</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ArapahoeCountyTapFeeMember" xlink:label="pcyo_ArapahoeCountyTapFeeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ArapahoeCountyTapFeeMember" xlink:to="pcyo_ArapahoeCountyTapFeeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ArapahoeCountyTapFeeMember_lbl" xml:lang="en-US">Arapahoe County Tap Fee</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ExportWaterSalePaymentsMember" xlink:label="pcyo_ExportWaterSalePaymentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterSalePaymentsMember" xlink:to="pcyo_ExportWaterSalePaymentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ExportWaterSalePaymentsMember_lbl" xml:lang="en-US">Export Water Sale Payments</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_TheDistrictMember" xlink:label="pcyo_TheDistrictMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TheDistrictMember" xlink:to="pcyo_TheDistrictMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_TheDistrictMember_lbl" xml:lang="en-US">The District</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="us-gaap_MajorCustomersAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MajorCustomersAxis" xlink:to="us-gaap_MajorCustomersAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MajorCustomersAxis_lbl" xml:lang="en-US">Major Customers [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_TheDistrictsSignificantCustomerMember" xlink:label="pcyo_TheDistrictsSignificantCustomerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TheDistrictsSignificantCustomerMember" xlink:to="pcyo_TheDistrictsSignificantCustomerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_TheDistrictsSignificantCustomerMember_lbl" xml:lang="en-US">The Districts Significant Customer</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_AnotherCustomerMember" xlink:label="pcyo_AnotherCustomerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AnotherCustomerMember" xlink:to="pcyo_AnotherCustomerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_AnotherCustomerMember_lbl" xml:lang="en-US">Another Customer</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ForeclosureProceedingsCommencedMember" xlink:label="pcyo_ForeclosureProceedingsCommencedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ForeclosureProceedingsCommencedMember" xlink:to="pcyo_ForeclosureProceedingsCommencedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ForeclosureProceedingsCommencedMember_lbl" xml:lang="en-US">Foreclosure Proceedings Commenced</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LitigationStatusAxis" xlink:label="us-gaap_LitigationStatusAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationStatusAxis" xlink:to="us-gaap_LitigationStatusAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LitigationStatusAxis_lbl" xml:lang="en-US">Litigation Status [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="us-gaap_SubsequentEventMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US">Subsequent Event</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US">Subsequent Event Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_WholesaleWaterAndWasterwaterMember" xlink:label="pcyo_WholesaleWaterAndWasterwaterMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WholesaleWaterAndWasterwaterMember" xlink:to="pcyo_WholesaleWaterAndWasterwaterMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WholesaleWaterAndWasterwaterMember_lbl" xml:lang="en-US">Wholesale Water And Wasterwater</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis" xlink:label="us-gaap_StatementBusinessSegmentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementBusinessSegmentsAxis" xlink:to="us-gaap_StatementBusinessSegmentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementBusinessSegmentsAxis_lbl" xml:lang="en-US">Business Segments [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_AgriculturalMember" xlink:label="pcyo_AgriculturalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AgriculturalMember" xlink:to="pcyo_AgriculturalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_AgriculturalMember_lbl" xml:lang="en-US">Agricultural</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xml:lang="en-US">Cost/Other Value</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ChangeDuringPeriodFairValueDisclosureMember" xlink:label="us-gaap_ChangeDuringPeriodFairValueDisclosureMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_lbl" xml:lang="en-US">Acquisitions</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_DocumentAndEntityInformationAbstract" xlink:label="pcyo_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DocumentAndEntityInformationAbstract" xlink:to="pcyo_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS:</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CurrentAssetsAbstract" xlink:to="pcyo_CurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_CurrentAssetsAbstract_lbl" xml:lang="en-US">Current assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="us-gaap_MarketableSecuritiesCurrent" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MarketableSecuritiesCurrent_lbl" xml:lang="en-US">Marketable securities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LandAndLandImprovements_lbl" xml:lang="en-US">Land - Sky Ranch</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsHeldForSaleLongLived" xlink:label="us-gaap_AssetsHeldForSaleLongLived" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleLongLived" xlink:to="us-gaap_AssetsHeldForSaleLongLived_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsHeldForSaleLongLived_lbl" xml:lang="en-US">Land and water held for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent" xlink:label="pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent" xlink:to="pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent_lbl" xml:lang="en-US">Construction proceeds receivable, less current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NoteReceivableRelatedPartyAbstract" xlink:label="pcyo_NoteReceivableRelatedPartyAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NoteReceivableRelatedPartyAbstract" xlink:to="pcyo_NoteReceivableRelatedPartyAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NoteReceivableRelatedPartyAbstract_lbl" xml:lang="en-US">Note receivable - related party:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:label="us-gaap_NotesReceivableRelatedPartiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:to="us-gaap_NotesReceivableRelatedPartiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesReceivableRelatedPartiesNoncurrent_lbl" xml:lang="en-US">Rangeview Metropolitan District, including accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:label="us-gaap_NotesAndLoansReceivableNetNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:to="us-gaap_NotesAndLoansReceivableNetNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesAndLoansReceivableNetNoncurrent_lbl" xml:lang="en-US">Receivable from HP A&amp;M, less current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">LIABILITIES:</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_CurrentLiabilitiesAbstract" xlink:label="pcyo_CurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CurrentLiabilitiesAbstract" xlink:to="pcyo_CurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Current liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNotesPayableCurrent" xlink:label="us-gaap_OtherNotesPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNotesPayableCurrent" xlink:to="us-gaap_OtherNotesPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNotesPayableCurrent_lbl" xml:lang="en-US">Current portion of promissory notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="us-gaap_DeferredRevenueCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="us-gaap_DeferredRevenueCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenueCurrent_lbl" xml:lang="en-US">Deferred revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent" xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent" xlink:to="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent_lbl" xml:lang="en-US">Deferred oil and gas lease payment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="us-gaap_DeferredRevenueNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueNoncurrent" xlink:to="us-gaap_DeferredRevenueNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenueNoncurrent_lbl" xml:lang="en-US">Deferred revenues, less current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent" xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent" xlink:to="pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent_lbl" xml:lang="en-US">Deferred oil and gas lease payment, less current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLongTermNotesPayable" xlink:label="us-gaap_OtherLongTermNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLongTermNotesPayable" xlink:to="us-gaap_OtherLongTermNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLongTermNotesPayable_lbl" xml:lang="en-US">Promissory notes payable, less current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_RecordedPortionOfContingentObligation" xlink:label="pcyo_RecordedPortionOfContingentObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecordedPortionOfContingentObligation" xlink:to="pcyo_RecordedPortionOfContingentObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RecordedPortionOfContingentObligation_lbl" xml:lang="en-US">Participating Interests in Export Water Supply</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xlink:label="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xlink:to="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_lbl" xml:lang="en-US">Tap Participation Fee payable to HP A&amp;M, net of $42 million and $45 million discount, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">SHAREHOLDERS' EQUITY:</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PreferredStockAbstract" xlink:label="pcyo_PreferredStockAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PreferredStockAbstract" xlink:to="pcyo_PreferredStockAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PreferredStockAbstract_lbl" xml:lang="en-US">Preferred stock:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Series B - par value $.001 per share; 25 million shares authorized; 432,513 shares issued and outstanding (liquidation preference of $432,513)</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_CommonStockAbstract" xlink:label="pcyo_CommonStockAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CommonStockAbstract" xlink:to="pcyo_CommonStockAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_CommonStockAbstract_lbl" xml:lang="en-US">Common stock:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock: Par value 1/3 of $.01 per share; 40 million shares authorized; 24,037,596 shares outstanding both periods presented</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated comprehensive loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_TapParticipationFeePayableToHPAMDiscount" xlink:label="pcyo_TapParticipationFeePayableToHPAMDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TapParticipationFeePayableToHPAMDiscount" xlink:to="pcyo_TapParticipationFeePayableToHPAMDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_TapParticipationFeePayableToHPAMDiscount_lbl" xml:lang="en-US">Discount of tap participation fee payable to HP A&amp;M</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock; Series B- par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred stock; Series B- shares authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock; Series B- shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock; Series B- shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockLiquidationPreferenceValue" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockLiquidationPreferenceValue" xlink:to="us-gaap_PreferredStockLiquidationPreferenceValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue_lbl" xml:lang="en-US">Preferred stock; Series B- liquidation preference</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_StatementsOfComprehensiveLossUnauditedAbstract" xlink:label="pcyo_StatementsOfComprehensiveLossUnauditedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_StatementsOfComprehensiveLossUnauditedAbstract" xlink:to="pcyo_StatementsOfComprehensiveLossUnauditedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_StatementsOfComprehensiveLossUnauditedAbstract_lbl" xml:lang="en-US">Statements of Cash Flows (Unaudited) [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">Revenues:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="us-gaap_SalesRevenueNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNet" xlink:to="us-gaap_SalesRevenueNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueNet_lbl" xml:lang="en-US">Metered water usage</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_WastewaterTreatmentFees" xlink:label="pcyo_WastewaterTreatmentFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WastewaterTreatmentFees" xlink:to="pcyo_WastewaterTreatmentFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WastewaterTreatmentFees_lbl" xml:lang="en-US">Wastewater treatment fees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherIncome" xlink:label="us-gaap_OtherIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncome" xlink:to="us-gaap_OtherIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherIncome_lbl" xml:lang="en-US">Farm operations</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_RecognitionOfDeferredConstructionFunding" xlink:label="pcyo_RecognitionOfDeferredConstructionFunding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecognitionOfDeferredConstructionFunding" xlink:to="pcyo_RecognitionOfDeferredConstructionFunding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RecognitionOfDeferredConstructionFunding_lbl" xml:lang="en-US">Special facility funding recognized</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_RecognitionOfDeferredWaterTapFees" xlink:label="pcyo_RecognitionOfDeferredWaterTapFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecognitionOfDeferredWaterTapFees" xlink:to="pcyo_RecognitionOfDeferredWaterTapFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RecognitionOfDeferredWaterTapFees_lbl" xml:lang="en-US">Water tap fees recognized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherSalesRevenueNet" xlink:label="us-gaap_OtherSalesRevenueNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSalesRevenueNet" xlink:to="us-gaap_OtherSalesRevenueNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherSalesRevenueNet_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Total revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ExpensesAbstract" xlink:label="pcyo_ExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExpensesAbstract" xlink:to="pcyo_ExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ExpensesAbstract_lbl" xml:lang="en-US">Expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CostOfServices" xlink:label="us-gaap_CostOfServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="us-gaap_CostOfServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CostOfServices_lbl" xml:lang="en-US">Water service operations</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_WastewaterServiceOperations" xlink:label="pcyo_WastewaterServiceOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WastewaterServiceOperations" xlink:to="pcyo_WastewaterServiceOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pcyo_WastewaterServiceOperations_lbl" xml:lang="en-US">Wastewater service operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="us-gaap_OtherCostAndExpenseOperating" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostAndExpenseOperating" xlink:to="us-gaap_OtherCostAndExpenseOperating_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">Farm operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization" xlink:label="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization" xlink:to="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depletion and depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherCostOfServices" xlink:label="us-gaap_OtherCostOfServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostOfServices" xlink:to="us-gaap_OtherCostOfServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherCostOfServices_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="us-gaap_CostOfRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenue" xlink:to="us-gaap_CostOfRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="us-gaap_CostOfRevenue_lbl" xml:lang="en-US">Total cost of revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gross margin</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepreciationNonproduction" xlink:label="us-gaap_DepreciationNonproduction" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationNonproduction" xlink:to="us-gaap_DepreciationNonproduction_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DepreciationNonproduction_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating loss</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_OtherIncomeExpenseAbstract" xlink:label="pcyo_OtherIncomeExpenseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OtherIncomeExpenseAbstract" xlink:to="pcyo_OtherIncomeExpenseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_OtherIncomeExpenseAbstract_lbl" xml:lang="en-US">Other income (expense):</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OilAndGasRevenue" xlink:label="us-gaap_OilAndGasRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasRevenue" xlink:to="us-gaap_OilAndGasRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasRevenue_lbl" xml:lang="en-US">Oil and gas lease income, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="us-gaap_InvestmentIncomeInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US">Interest income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNonoperatingIncome" xlink:label="us-gaap_OtherNonoperatingIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncome" xlink:to="us-gaap_OtherNonoperatingIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherNonoperatingIncome_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="us-gaap_InterestExpenseDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpenseDebt_lbl" xml:lang="en-US">Interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestExpenseOther" xlink:label="us-gaap_InterestExpenseOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseOther" xlink:to="us-gaap_InterestExpenseOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpenseOther_lbl" xml:lang="en-US">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_lbl" xml:lang="en-US">Unrealized gain on marketable securities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive Loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Net loss per common share - basic and diluted (in Dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xml:lang="en-US">Weighted average common shares outstanding - basic and diluted (in Shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_StatementsOfCashFlowsUnauditedAbstract" xlink:label="pcyo_StatementsOfCashFlowsUnauditedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_StatementsOfCashFlowsUnauditedAbstract" xlink:to="pcyo_StatementsOfCashFlowsUnauditedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_StatementsOfCashFlowsUnauditedAbstract_lbl" xml:lang="en-US">Sky Ranch Water Rights And Other Costs [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net loss to net cash used for operating activities:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseOther" xlink:to="us-gaap_InterestExpenseOther_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseOther_2_lbl" xml:lang="en-US">Imputed interest on Tap Participation Fee payable to HP A&amp;M</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation, depletion and other non-cash items</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:to="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" xml:lang="en-US">Interest accrued on agriculture land promissory notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Stock-based compensation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="us-gaap_OtherNoncashIncomeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashIncomeExpense" xlink:to="us-gaap_OtherNoncashIncomeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xml:lang="en-US">Interest income and other non-cash items</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNoncashIncome" xlink:label="us-gaap_OtherNoncashIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashIncome" xlink:to="us-gaap_OtherNoncashIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherNoncashIncome_lbl" xml:lang="en-US">Interest added to receivable from Rangeview Metropolitan District</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_InterestAddedToConstructionProceedsReceivable" xlink:label="pcyo_InterestAddedToConstructionProceedsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_InterestAddedToConstructionProceedsReceivable" xlink:to="pcyo_InterestAddedToConstructionProceedsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pcyo_InterestAddedToConstructionProceedsReceivable_lbl" xml:lang="en-US">Interest added to construction proceeds receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Changes in operating assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Trade accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xml:lang="en-US">Prepaid expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInDueFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties_lbl" xml:lang="en-US">HP A&amp;M Receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseDueFromOtherRelatedParties" xlink:label="us-gaap_IncreaseDecreaseDueFromOtherRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseDueFromOtherRelatedParties" xlink:to="us-gaap_IncreaseDecreaseDueFromOtherRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseDueFromOtherRelatedParties_lbl" xml:lang="en-US">Sky Ranch #5 Receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xml:lang="en-US">Deferred revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_DeferredOilAndGasLeaseBonusPayment" xlink:label="pcyo_DeferredOilAndGasLeaseBonusPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredOilAndGasLeaseBonusPayment" xlink:to="pcyo_DeferredOilAndGasLeaseBonusPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pcyo_DeferredOilAndGasLeaseBonusPayment_lbl" xml:lang="en-US">Deferred income- oil &amp; gas lease</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash used in operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities" xlink:to="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities_lbl" xml:lang="en-US">Sales and maturities of marketable securities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireMarketableSecurities" xlink:label="us-gaap_PaymentsToAcquireMarketableSecurities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireMarketableSecurities" xlink:to="us-gaap_PaymentsToAcquireMarketableSecurities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireMarketableSecurities_lbl" xml:lang="en-US">Purchase of marketable securities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems" xlink:label="us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems" xlink:to="us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems_lbl" xml:lang="en-US">Investments in water, water systems, and land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Purchase of property and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:to="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xml:lang="en-US">Proceeds from sale of collateral stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash provided by investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromConstructionLoansPayable" xlink:label="us-gaap_ProceedsFromConstructionLoansPayable" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromConstructionLoansPayable_lbl" xml:lang="en-US">Arapahoe County construction proceeds</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PaymentsToContingentLiabilityHolders" xlink:label="pcyo_PaymentsToContingentLiabilityHolders" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PaymentsToContingentLiabilityHolders" xlink:to="pcyo_PaymentsToContingentLiabilityHolders_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pcyo_PaymentsToContingentLiabilityHolders_lbl" xml:lang="en-US">Payments to contingent liability holders</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfNotesPayable" xlink:to="us-gaap_RepaymentsOfNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfNotesPayable_lbl" xml:lang="en-US">Payments made on promissory notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net change in cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xml:lang="en-US">Cash and cash equivalents - beginning of period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl" xml:lang="en-US">Cash and cash equivalents - end of period</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PresentationOfInterimInformationAbstract" xlink:label="pcyo_PresentationOfInterimInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PresentationOfInterimInformationAbstract" xlink:to="pcyo_PresentationOfInterimInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PresentationOfInterimInformationAbstract_lbl" xml:lang="en-US">Presentation Of Interim Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Presentation of Interim Information</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_FairValueMeasurementsAbstract" xlink:label="pcyo_FairValueMeasurementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_FairValueMeasurementsAbstract" xlink:to="pcyo_FairValueMeasurementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_FairValueMeasurementsAbstract_lbl" xml:lang="en-US">Fair Value Measurements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="us-gaap_FairValueDisclosuresTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xml:lang="en-US">Fair Value Measurements</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsAbstract" xlink:label="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsAbstract" xlink:to="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsAbstract_lbl" xml:lang="en-US">Investments In Water Water Systems Land And Improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Investments in Water, Water Systems, Land and Improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_LongtermObligationsAndOperatingLeaseAbstract" xlink:label="pcyo_LongtermObligationsAndOperatingLeaseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_LongtermObligationsAndOperatingLeaseAbstract" xlink:to="pcyo_LongtermObligationsAndOperatingLeaseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_LongtermObligationsAndOperatingLeaseAbstract_lbl" xml:lang="en-US">Long-Term Obligations And Operating Lease</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock" xlink:label="us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock" xlink:to="us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock_lbl" xml:lang="en-US">Long-Term Obligations and Operating Lease</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_2_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Shareholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_SignificantCustomersAbstract" xlink:label="pcyo_SignificantCustomersAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SignificantCustomersAbstract" xlink:to="pcyo_SignificantCustomersAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_SignificantCustomersAbstract_lbl" xml:lang="en-US">Significant Customers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Significant Customers</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_AccruedLiabilitiesAbstract" xlink:label="pcyo_AccruedLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AccruedLiabilitiesAbstract" xlink:to="pcyo_AccruedLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_AccruedLiabilitiesAbstract_lbl" xml:lang="en-US">Accrued Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US">Accrued Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_LitigationLossContingenciesAbstract" xlink:label="pcyo_LitigationLossContingenciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_LitigationLossContingenciesAbstract" xlink:to="pcyo_LitigationLossContingenciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_LitigationLossContingenciesAbstract_lbl" xml:lang="en-US">Litigation Loss Contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LegalMattersAndContingenciesTextBlock" xlink:label="us-gaap_LegalMattersAndContingenciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LegalMattersAndContingenciesTextBlock" xlink:to="us-gaap_LegalMattersAndContingenciesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LegalMattersAndContingenciesTextBlock_lbl" xml:lang="en-US">Litigation Loss Contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_SegmentInformationAbstract" xlink:label="pcyo_SegmentInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SegmentInformationAbstract" xlink:to="pcyo_SegmentInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_SegmentInformationAbstract_lbl" xml:lang="en-US">Segment Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Segment Information</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_SupplementalDisclosuresOfNoncashActivitiesAbstract" xlink:label="pcyo_SupplementalDisclosuresOfNoncashActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SupplementalDisclosuresOfNoncashActivitiesAbstract" xlink:to="pcyo_SupplementalDisclosuresOfNoncashActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_SupplementalDisclosuresOfNoncashActivitiesAbstract_lbl" xml:lang="en-US">Supplemental Disclosures Of Non-Cash Activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashFlowSupplementalDisclosuresTextBlock" xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock_lbl" xml:lang="en-US">Supplemental Disclosures Of Non-Cash Activities</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PresentationOfInterimInformationPoliciesAbstract" xlink:label="pcyo_PresentationOfInterimInformationPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PresentationOfInterimInformationPoliciesAbstract" xlink:to="pcyo_PresentationOfInterimInformationPoliciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PresentationOfInterimInformationPoliciesAbstract_lbl" xml:lang="en-US">Presentation Of Interim Information Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates" />
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      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract" xlink:label="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestExpenseOther_3_lbl" xml:lang="en-US">Interest Expense, Other</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecognitionOfDeferredWaterTapFees" xlink:to="pcyo_RecognitionOfDeferredWaterTapFees_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pcyo_RecognitionOfDeferredWaterTapFees_2_lbl" xml:lang="en-US">Recognition Of Deferred Water Tap Fees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecognitionOfDeferredConstructionFunding" xlink:to="pcyo_RecognitionOfDeferredConstructionFunding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pcyo_RecognitionOfDeferredConstructionFunding_2_lbl" xml:lang="en-US">Recognition Of Deferred Construction Funding</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases" xlink:label="pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases" xlink:to="pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases_lbl" xml:lang="en-US">Management fee, percentage of income from land and water leases</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="us-gaap_DeferredRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenue" xlink:to="us-gaap_DeferredRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenue_lbl" xml:lang="en-US">Deferred Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RoyaltyRevenue" xlink:label="us-gaap_RoyaltyRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RoyaltyRevenue" xlink:to="us-gaap_RoyaltyRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RoyaltyRevenue_lbl" xml:lang="en-US">Royalty Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRevenueLeasesNet" xlink:label="us-gaap_DeferredRevenueLeasesNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueLeasesNet" xlink:to="us-gaap_DeferredRevenueLeasesNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenueLeasesNet_lbl" xml:lang="en-US">Deferred Revenue, Leases, Net</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NumberOfAcresForExplorationAndDevelopment" xlink:label="pcyo_NumberOfAcresForExplorationAndDevelopment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfAcresForExplorationAndDevelopment" xlink:to="pcyo_NumberOfAcresForExplorationAndDevelopment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NumberOfAcresForExplorationAndDevelopment_lbl" xml:lang="en-US">Number of acres for exploration and development</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensation_2_lbl" xml:lang="en-US">Share-based Compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xlink:to="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_2_lbl" xml:lang="en-US">Tap Participation Fee liability</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_lbl" xml:lang="en-US">Balance, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_lbl" xml:lang="en-US">Total gains and losses (realized and unrealized)</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ImputedInterestExpense" xlink:label="pcyo_ImputedInterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ImputedInterestExpense" xlink:to="pcyo_ImputedInterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ImputedInterestExpense_lbl" xml:lang="en-US">Imputed interest recorded as "Other Expense"</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet_lbl" xml:lang="en-US">Transfers in and/or out of Level 3</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_2_lbl" xml:lang="en-US">Balance, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Depletion" xlink:label="us-gaap_Depletion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depletion" xlink:to="us-gaap_Depletion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Depletion_lbl" xml:lang="en-US">Depletion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Depreciation" xlink:label="us-gaap_Depreciation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Depreciation_lbl" xml:lang="en-US">Depreciation, total</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NumberOfFLCCShares" xlink:label="pcyo_NumberOfFLCCShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfFLCCShares" xlink:to="pcyo_NumberOfFLCCShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NumberOfFLCCShares_lbl" xml:lang="en-US">Number of FLCC Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_AcresOfLandToBeSold" xlink:label="pcyo_AcresOfLandToBeSold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AcresOfLandToBeSold" xlink:to="pcyo_AcresOfLandToBeSold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_AcresOfLandToBeSold_lbl" xml:lang="en-US">Acres of land to be sold</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleLongLived" xlink:to="us-gaap_AssetsHeldForSaleLongLived_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AssetsHeldForSaleLongLived_2_lbl" xml:lang="en-US">Assets Held-for-sale, Long Lived</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US">Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation" xlink:label="us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation" xlink:to="us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation_lbl" xml:lang="en-US">Accumulated Depreciation and Depletion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xml:lang="en-US">Net investments in water and water systems</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LandAndLandImprovements" xlink:to="us-gaap_LandAndLandImprovements_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LandAndLandImprovements_2_lbl" xml:lang="en-US">Sky Ranch land and improvements, net</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal" xlink:label="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal" xlink:to="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal_lbl" xml:lang="en-US">Investments in water, water systems, land and improvements, net total</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecordedPortionOfContingentObligation" xlink:to="pcyo_RecordedPortionOfContingentObligation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pcyo_RecordedPortionOfContingentObligation_2_lbl" xml:lang="en-US">Recorded Portion Of Contingent Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ContractualObligation" xlink:label="us-gaap_ContractualObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContractualObligation" xlink:to="us-gaap_ContractualObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ContractualObligation_lbl" xml:lang="en-US">Contractual Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ContingentLiability" xlink:label="pcyo_ContingentLiability" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ContingentLiability" xlink:to="pcyo_ContingentLiability_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ContingentLiability_lbl" xml:lang="en-US">Contingent Liability</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PercentageOfOriginalTotalLiability" xlink:label="pcyo_PercentageOfOriginalTotalLiability" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentageOfOriginalTotalLiability" xlink:to="pcyo_PercentageOfOriginalTotalLiability_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PercentageOfOriginalTotalLiability_lbl" xml:lang="en-US">Percentage of original total liability</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PercentageRemittedToCaaHolders" xlink:label="pcyo_PercentageRemittedToCaaHolders" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentageRemittedToCaaHolders" xlink:to="pcyo_PercentageRemittedToCaaHolders_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PercentageRemittedToCaaHolders_lbl" xml:lang="en-US">Percentage remitted to CAA Holders</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PercentageAllocatedToContingentObligation" xlink:label="pcyo_PercentageAllocatedToContingentObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentageAllocatedToContingentObligation" xlink:to="pcyo_PercentageAllocatedToContingentObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PercentageAllocatedToContingentObligation_lbl" xml:lang="en-US">Percentage allocated to contingent obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDebtIssuanceCosts" xlink:to="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xml:lang="en-US">Payments of Debt Issuance Costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xlink:to="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent_3_lbl" xml:lang="en-US">Liabilities, Other than Long-term Debt, Noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_WaterTaps" xlink:label="pcyo_WaterTaps" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WaterTaps" xlink:to="pcyo_WaterTaps_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WaterTaps_lbl" xml:lang="en-US">Water Taps</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_TapParticipationFeePercentage" xlink:label="pcyo_TapParticipationFeePercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TapParticipationFeePercentage" xlink:to="pcyo_TapParticipationFeePercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_TapParticipationFeePercentage_lbl" xml:lang="en-US">Tap Participation Fee Percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ReductionInTapsPercentage" xlink:label="pcyo_ReductionInTapsPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ReductionInTapsPercentage" xlink:to="pcyo_ReductionInTapsPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ReductionInTapsPercentage_lbl" xml:lang="en-US">Reduction In Taps Percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PercentageOfNetRevenues" xlink:label="pcyo_PercentageOfNetRevenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentageOfNetRevenues" xlink:to="pcyo_PercentageOfNetRevenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PercentageOfNetRevenues_lbl" xml:lang="en-US">Percentage of Net Revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_TapParticipationFeeInterest" xlink:label="pcyo_TapParticipationFeeInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TapParticipationFeeInterest" xlink:to="pcyo_TapParticipationFeeInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_TapParticipationFeeInterest_lbl" xml:lang="en-US">Tap Participation Fee, Interest</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_EstimatedProceedsFromSaleOfWaterTaps" xlink:label="pcyo_EstimatedProceedsFromSaleOfWaterTaps" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_EstimatedProceedsFromSaleOfWaterTaps" xlink:to="pcyo_EstimatedProceedsFromSaleOfWaterTaps_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_EstimatedProceedsFromSaleOfWaterTaps_lbl" xml:lang="en-US">Estimated proceeds from sale of water taps</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps" xlink:label="pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps" xlink:to="pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps_lbl" xml:lang="en-US">Increase in estimated proceeds from sale of water taps</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ImpliedInterestRate" xlink:label="pcyo_ImpliedInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ImpliedInterestRate" xlink:to="pcyo_ImpliedInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ImpliedInterestRate_lbl" xml:lang="en-US">Implied interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_IncreaseInImpliedInterestRate" xlink:label="pcyo_IncreaseInImpliedInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_IncreaseInImpliedInterestRate" xlink:to="pcyo_IncreaseInImpliedInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_IncreaseInImpliedInterestRate_lbl" xml:lang="en-US">Increase in implied interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes" xlink:label="pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes" xlink:to="pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes_lbl" xml:lang="en-US">Number of properties subject to outstanding promissory notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NumberOfProperties" xlink:label="pcyo_NumberOfProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfProperties" xlink:to="pcyo_NumberOfProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NumberOfProperties_lbl" xml:lang="en-US">Number of properties</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NumberOfAcres" xlink:label="pcyo_NumberOfAcres" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfAcres" xlink:to="pcyo_NumberOfAcres_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NumberOfAcres_lbl" xml:lang="en-US">Number of Acres (in Acres)</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NumberOfShares" xlink:label="pcyo_NumberOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfShares" xlink:to="pcyo_NumberOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NumberOfShares_lbl" xml:lang="en-US">Number Of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharePrice" xlink:label="us-gaap_SharePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharePrice" xlink:to="us-gaap_SharePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharePrice_lbl" xml:lang="en-US">Share Price (in Dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Proceeds from Issuance of Common Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_SaleOfStockExpense" xlink:label="pcyo_SaleOfStockExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SaleOfStockExpense" xlink:to="pcyo_SaleOfStockExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_SaleOfStockExpense_lbl" xml:lang="en-US">Sale of Stock, Expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="us-gaap_LeaseAndRentalExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseAndRentalExpense" xlink:to="us-gaap_LeaseAndRentalExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseAndRentalExpense_lbl" xml:lang="en-US">Operating Leases, Rent Expense</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NotesPayableBeingNegotiatedForPurchase" xlink:label="pcyo_NotesPayableBeingNegotiatedForPurchase" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NotesPayableBeingNegotiatedForPurchase" xlink:to="pcyo_NotesPayableBeingNegotiatedForPurchase_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NotesPayableBeingNegotiatedForPurchase_lbl" xml:lang="en-US">Notes payable being negotiated for purchase</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_OfficeSpace" xlink:label="pcyo_OfficeSpace" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OfficeSpace" xlink:to="pcyo_OfficeSpace_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_OfficeSpace_lbl" xml:lang="en-US">Office space</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BorrowedFunds" xlink:label="us-gaap_BorrowedFunds" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BorrowedFunds" xlink:to="us-gaap_BorrowedFunds_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BorrowedFunds_lbl" xml:lang="en-US">Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfDebt" xlink:label="us-gaap_ProceedsFromRepaymentsOfDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfDebt" xlink:to="us-gaap_ProceedsFromRepaymentsOfDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfDebt_lbl" xml:lang="en-US">Activities</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ShareholdersEquityDetailsNarrativeAbstract" xlink:label="pcyo_ShareholdersEquityDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ShareholdersEquityDetailsNarrativeAbstract" xlink:to="pcyo_ShareholdersEquityDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ShareholdersEquityDetailsNarrativeAbstract_lbl" xml:lang="en-US">Shareholders Equity Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US">Share-based Compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US">Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ShareholdersEquityDetailsAbstract" xlink:label="pcyo_ShareholdersEquityDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ShareholdersEquityDetailsAbstract" xlink:to="pcyo_ShareholdersEquityDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ShareholdersEquityDetailsAbstract_lbl" xml:lang="en-US">Shareholders Equity Details</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NumberOfOptionsAbstract" xlink:label="pcyo_NumberOfOptionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfOptionsAbstract" xlink:to="pcyo_NumberOfOptionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NumberOfOptionsAbstract_lbl" xml:lang="en-US">Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Outstanding, beginning - Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xml:lang="en-US">Granted - Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Exercised - Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_lbl" xml:lang="en-US">Forfeited or expired - Number of options</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xml:lang="en-US">Outstanding, ending - Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US">Exercisable - Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_WeightedAverageExercisePriceAbstract" xlink:label="pcyo_WeightedAverageExercisePriceAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WeightedAverageExercisePriceAbstract" xlink:to="pcyo_WeightedAverageExercisePriceAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WeightedAverageExercisePriceAbstract_lbl" xml:lang="en-US">Weighted average exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Outstanding, beginning - Weighted average exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Granted - Weighted average exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Exercised - Weighted average exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Forfeited or expired - Weighted average exercise price</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xml:lang="en-US">Outstanding, ending - Weighted average exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US">Exercisable - Weighted average exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_WeightedAverageRemainingContractualTermAbstract" xlink:label="pcyo_WeightedAverageRemainingContractualTermAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WeightedAverageRemainingContractualTermAbstract" xlink:to="pcyo_WeightedAverageRemainingContractualTermAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WeightedAverageRemainingContractualTermAbstract_lbl" xml:lang="en-US">Weighted average remaining contractual term</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl" xml:lang="en-US">Outstanding, ending - Weighted average remaining contractual term</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_lbl" xml:lang="en-US">Exercisable - Weighted average remaining contractual term</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ApproximateAggregateIntrinsicValueAbstract" xlink:label="pcyo_ApproximateAggregateIntrinsicValueAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ApproximateAggregateIntrinsicValueAbstract" xlink:to="pcyo_ApproximateAggregateIntrinsicValueAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ApproximateAggregateIntrinsicValueAbstract_lbl" xml:lang="en-US">Approximate aggregate intrinsic value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xml:lang="en-US">Outstanding, ending - Approximate aggregate intrinsic value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_lbl" xml:lang="en-US">Exercisable - Approximate aggregate intrinsic value</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_ShareholdersEquityDetails1Abstract" xlink:label="pcyo_ShareholdersEquityDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ShareholdersEquityDetails1Abstract" xlink:to="pcyo_ShareholdersEquityDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ShareholdersEquityDetails1Abstract_lbl" xml:lang="en-US">Shareholders Equity Details 1</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_NumberOfOptions1Abstract" xlink:label="pcyo_NumberOfOptions1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfOptions1Abstract" xlink:to="pcyo_NumberOfOptions1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pcyo_NumberOfOptions1Abstract_lbl" xml:lang="en-US">Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_lbl" xml:lang="en-US">Outstanding, beginning - Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_lbl" xml:lang="en-US">Vested - Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_lbl" xml:lang="en-US">Forfeited - Number of options</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_2_lbl" xml:lang="en-US">Outstanding, ending - Number of options</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_WeightedAverageGrantDateFairValueAbstract" xlink:label="pcyo_WeightedAverageGrantDateFairValueAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WeightedAverageGrantDateFairValueAbstract" xlink:to="pcyo_WeightedAverageGrantDateFairValueAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WeightedAverageGrantDateFairValueAbstract_lbl" xml:lang="en-US">Weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Outstanding, beginning - Weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Granted - Weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Vested - Weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Forfeited - Weighted average grant date fair value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_2_lbl" xml:lang="en-US">Outstanding, ending - Weighted average grant date fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_RelatedPartyTransactionsDetailsNarrativeAbstract" xlink:label="pcyo_RelatedPartyTransactionsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RelatedPartyTransactionsDetailsNarrativeAbstract" xlink:to="pcyo_RelatedPartyTransactionsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RelatedPartyTransactionsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Related Party Transactions Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:label="us-gaap_RelatedPartyTransactionAmountsOfTransaction" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:to="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl" xml:lang="en-US">Related Party Transaction, Amounts of Transaction</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DueFromRelatedParties" xlink:label="us-gaap_DueFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedParties" xlink:to="us-gaap_DueFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromRelatedParties_lbl" xml:lang="en-US">Due from Related Parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionRate" xlink:label="us-gaap_RelatedPartyTransactionRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionRate" xlink:to="us-gaap_RelatedPartyTransactionRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionRate_lbl" xml:lang="en-US">Related Party Transaction, Rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="us-gaap_NotesReceivableRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableRelatedParties" xlink:to="us-gaap_NotesReceivableRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesReceivableRelatedParties_lbl" xml:lang="en-US">Notes Receivable, Related Parties</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_DueFromRelatedPartiesPrincipal" xlink:label="pcyo_DueFromRelatedPartiesPrincipal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DueFromRelatedPartiesPrincipal" xlink:to="pcyo_DueFromRelatedPartiesPrincipal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DueFromRelatedPartiesPrincipal_lbl" xml:lang="en-US">Due from Related Parties, Principal</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_DueFromRelatedPartiesInterest" xlink:label="pcyo_DueFromRelatedPartiesInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DueFromRelatedPartiesInterest" xlink:to="pcyo_DueFromRelatedPartiesInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DueFromRelatedPartiesInterest_lbl" xml:lang="en-US">Due from Related Parties, Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MajorCustomersAxis" xlink:to="us-gaap_MajorCustomersAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_MajorCustomersAxis_2_lbl" xml:lang="en-US">Customer [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="us-gaap_ConcentrationRiskPercentage1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US">Entity-Wide Revenue, Major Customer, Percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_EntityWideAccountsReceivableMajorCustomerPercentage" xlink:label="pcyo_EntityWideAccountsReceivableMajorCustomerPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_EntityWideAccountsReceivableMajorCustomerPercentage" xlink:to="pcyo_EntityWideAccountsReceivableMajorCustomerPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_EntityWideAccountsReceivableMajorCustomerPercentage_lbl" xml:lang="en-US">Entity-Wide Accounts Receivable, Major Customer, Percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_AccruedLiabilitiesDetailNarrativeAbstract" xlink:label="pcyo_AccruedLiabilitiesDetailNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AccruedLiabilitiesDetailNarrativeAbstract" xlink:to="pcyo_AccruedLiabilitiesDetailNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_AccruedLiabilitiesDetailNarrativeAbstract_lbl" xml:lang="en-US">Accrued Liabilities Detail Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:label="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:to="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_lbl" xml:lang="en-US">Estimated property taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccruedProfessionalFeesCurrent" xlink:label="us-gaap_AccruedProfessionalFeesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedProfessionalFeesCurrent" xlink:to="us-gaap_AccruedProfessionalFeesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedProfessionalFeesCurrent_lbl" xml:lang="en-US">Professional Fees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccruedRentCurrent" xlink:label="us-gaap_AccruedRentCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedRentCurrent" xlink:to="us-gaap_AccruedRentCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedRentCurrent_lbl" xml:lang="en-US">Farm lease prepayments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAccruedLiabilitiesCurrent" xlink:to="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Operating payables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccruedLiabilitiesCurrent_2_lbl" xml:lang="en-US">Accrued Liabilities, Current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NumberOfRealEstateProperties" xlink:label="us-gaap_NumberOfRealEstateProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfRealEstateProperties" xlink:to="us-gaap_NumberOfRealEstateProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xml:lang="en-US">Number of Real Estate Properties</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PercentOfTheCompanysArkansasRiverAssetsRepresentedByTheProperties" xlink:label="pcyo_PercentOfTheCompanysArkansasRiverAssetsRepresentedByTheProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentOfTheCompanysArkansasRiverAssetsRepresentedByTheProperties" xlink:to="pcyo_PercentOfTheCompanysArkansasRiverAssetsRepresentedByTheProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PercentOfTheCompanysArkansasRiverAssetsRepresentedByTheProperties_lbl" xml:lang="en-US">Percent of the Company's Arkansas River Assets Represented by the Properties</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_PercentageOfFllcShares" xlink:label="pcyo_PercentageOfFllcShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentageOfFllcShares" xlink:to="pcyo_PercentageOfFllcShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PercentageOfFllcShares_lbl" xml:lang="en-US">Percentage of FLLC shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_SegmentInformationDetailsNarrativeAbstract" xlink:label="pcyo_SegmentInformationDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SegmentInformationDetailsNarrativeAbstract" xlink:to="pcyo_SegmentInformationDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_SegmentInformationDetailsNarrativeAbstract_lbl" xml:lang="en-US">Segment Information Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="us-gaap_NumberOfOperatingSegments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US">Number of Operating Segments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementBusinessSegmentsAxis" xlink:to="us-gaap_StatementBusinessSegmentsAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StatementBusinessSegmentsAxis_2_lbl" xml:lang="en-US">Segments [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_2_lbl" xml:lang="en-US">Revenues</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GrossProfit_2_lbl" xml:lang="en-US">Gross profit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationNonproduction" xlink:to="us-gaap_DepreciationNonproduction_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationNonproduction_2_lbl" xml:lang="en-US">Depletion and depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_OtherSignificantNoncashItemsAbstract" xlink:label="pcyo_OtherSignificantNoncashItemsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OtherSignificantNoncashItemsAbstract" xlink:to="pcyo_OtherSignificantNoncashItemsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_OtherSignificantNoncashItemsAbstract_lbl" xml:lang="en-US">Other significant noncash items:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_2_lbl" xml:lang="en-US">Stock-based compensation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseOther" xlink:to="us-gaap_InterestExpenseOther_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestExpenseOther_4_lbl" xml:lang="en-US">TPF interest expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Segment assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionsToOtherAssetsAmount" xlink:label="us-gaap_AdditionsToOtherAssetsAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionsToOtherAssetsAmount" xlink:to="us-gaap_AdditionsToOtherAssetsAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionsToOtherAssetsAmount_lbl" xml:lang="en-US">Expenditures for segment assets</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20130531.xsd#pcyo_SupplementalDisclosuresOfNoncashActivitiesDetailsAbstract" xlink:label="pcyo_SupplementalDisclosuresOfNoncashActivitiesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SupplementalDisclosuresOfNoncashActivitiesDetailsAbstract" xlink:to="pcyo_SupplementalDisclosuresOfNoncashActivitiesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_SupplementalDisclosuresOfNoncashActivitiesDetailsAbstract_lbl" xml:lang="en-US">Supplemental Disclosures Of Non-Cash Activities Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued interest and penalties related to HP A&amp;M receivable and related promissory notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_lbl" xml:lang="en-US">Increase in estimated Tap Participation Fee liability and related discount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" xml:lang="en-US">Farm revenue allocated against the Tap Participation Fee liability and additional paid-in capital</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AcquisitionsMember" xlink:to="pcyo_AcquisitionsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_AcquisitionsMember_doc" xml:lang="en-US">Acquisitions [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AgriculturalMember" xlink:to="pcyo_AgriculturalMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_AgriculturalMember_doc" xml:lang="en-US">Agricultural [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AnotherCustomerMember" xlink:to="pcyo_AnotherCustomerMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_AnotherCustomerMember_doc" xml:lang="en-US">Another Customer [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ArapahoeCountyTapFeeMember" xlink:to="pcyo_ArapahoeCountyTapFeeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ArapahoeCountyTapFeeMember_doc" xml:lang="en-US">Arapahoe County Tap Fee [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ArkansasRiverValleyAssetsMember" xlink:to="pcyo_ArkansasRiverValleyAssetsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ArkansasRiverValleyAssetsMember_doc" xml:lang="en-US">Arkansas River Valley Assets [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CommonShareEquivalentsMember" xlink:to="pcyo_CommonShareEquivalentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_CommonShareEquivalentsMember_doc" xml:lang="en-US">Common Share Equivalents [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CommonStockAbstract" xlink:to="pcyo_CommonStockAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_CommonStockAbstract_doc" xml:lang="en-US">Common stock: [Abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ContingentLiability_doc" xml:lang="en-US">ContingentLiability</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_CountyTapAndConstructionFeeDeferredRevenueMember_doc" xml:lang="en-US">County Tap And Construction Fee Deferred Revenue [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CurrentAssetsAbstract" xlink:to="pcyo_CurrentAssetsAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_CurrentAssetsAbstract_doc" xml:lang="en-US">Current assets: [Abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_DeferredOilAndGasLeaseBonusPayment_doc" xml:lang="en-US">DeferredOilAndGasLeaseBonusPayment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DiscountToBeImputedAsInterestExpenseInFuturePeriodsMember" xlink:to="pcyo_DiscountToBeImputedAsInterestExpenseInFuturePeriodsMember_doc" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_DocumentAndEntityInformationAbstract_doc" xml:lang="en-US">Document and Entity Information [Abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_DueFromRelatedPartiesInterest_doc" xml:lang="en-US">DueFromRelatedPartiesInterest</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_EntityWideAccountsReceivableMajorCustomerPercentage_doc" xml:lang="en-US">EntityWideAccountsReceivableMajorCustomerPercentage</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ExportWaterProceedsReceivedMember_doc" xml:lang="en-US">Export Water Proceeds Received [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterSalePaymentsMember" xlink:to="pcyo_ExportWaterSalePaymentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ExportWaterSalePaymentsMember_doc" xml:lang="en-US">Export Water Sale Payments [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_FairgroundsWaterAndWaterSystemMember" xlink:to="pcyo_FairgroundsWaterAndWaterSystemMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_FairgroundsWaterAndWaterSystemMember_doc" xml:lang="en-US">Fairgrounds Water And Water System [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_FirstPriorityPayoutMember" xlink:to="pcyo_FirstPriorityPayoutMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_FirstPriorityPayoutMember_doc" xml:lang="en-US">First Priority Payout [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ForeclosureProceedingsCommencedMember_doc" xml:lang="en-US">Foreclosure Proceedings Commenced [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_GrossEstimatedTapParticipationFeeLiabilityMember" xlink:to="pcyo_GrossEstimatedTapParticipationFeeLiabilityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_GrossEstimatedTapParticipationFeeLiabilityMember_doc" xml:lang="en-US">Gross Estimated Tap Participation Fee Liability [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ImputedInterestExpense_doc" xml:lang="en-US">ImputedInterestExpense</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_InitialExportWaterProceedsToPureCycleMember_doc" xml:lang="en-US">Initial Export Water Proceeds To Pure Cycle [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NotRecordedOnBalanceSheetsMember_doc" xml:lang="en-US">Not Recorded On Balance Sheets [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NotePayableTerm_doc" xml:lang="en-US">NotePayableTerm</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NumberOfShares_doc" xml:lang="en-US">NumberOfShares</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_OptionPaymentsMember_doc" xml:lang="en-US">Option Payments [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_OtherIncomeExpenseAbstract_doc" xml:lang="en-US">Other income (expense): [Abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_OtherSignificantNoncashItemsAbstract_doc" xml:lang="en-US">Other significant noncash items: [Abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ParticipatingInterestsLiabilityMember_doc" xml:lang="en-US">Participating Interests Liability [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_PaymentsToContingentLiabilityHolders_doc" xml:lang="en-US">PaymentsToContingentLiabilityHolders</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_PotentialThirdPartyObligationAbstract_doc" xml:lang="en-US">Potential Third Party Obligation [Abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RangeviewWaterSupplyAndWaterSystemMember_doc" xml:lang="en-US">Rangeview Water Supply And Water System [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RangeviewWaterSupplyMember_doc" xml:lang="en-US">Rangeview Water Supply [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RangeviewWaterSystemMember_doc" xml:lang="en-US">Rangeview Water System [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RecognitionOfDeferredConstructionFunding_doc" xml:lang="en-US">Special facility funding recognized</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RecognitionOfDeferredWaterTapFees_doc" xml:lang="en-US">Water tap fees recognized</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RecordedPortionOfContingentObligation_doc" xml:lang="en-US">Participating Interests in Export Water Supply</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ReductionInTapsPercentage_doc" xml:lang="en-US">ReductionInTapsPercentage</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RemainingFirstPriortiyPayoutMember_doc" xml:lang="en-US">Remaining First Priortiy Payout [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_SaleOfStockExpense_doc" xml:lang="en-US">SaleOfStockExpense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SkyRanchWaterRightsAndOtherCostsMember" xlink:to="pcyo_SkyRanchWaterRightsAndOtherCostsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_SkyRanchWaterRightsAndOtherCostsMember_doc" xml:lang="en-US">Sky Ranch Water Rights And Other Costs [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_TapParticipationFeeInterest_doc" xml:lang="en-US">TapParticipationFeeInterest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TapParticipationFeePayableToHPAMDiscount" xlink:to="pcyo_TapParticipationFeePayableToHPAMDiscount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_TapParticipationFeePayableToHPAMDiscount_doc" xml:lang="en-US">Tap Participation Fee payable to HP A&amp;amp;M, Discount (in Dollars)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TapParticipationFeePercentage" xlink:to="pcyo_TapParticipationFeePercentage_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_TapParticipationFeePercentage_doc" xml:lang="en-US">TapParticipationFeePercentage</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TapParticipationFeeReportLiabilityMember" xlink:to="pcyo_TapParticipationFeeReportLiabilityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_TapParticipationFeeReportLiabilityMember_doc" xml:lang="en-US">Tap Participation Fee Report Liability [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TheDistrictMember" xlink:to="pcyo_TheDistrictMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_TheDistrictMember_doc" xml:lang="en-US">The District [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TheDistrictsSignificantCustomerMember" xlink:to="pcyo_TheDistrictsSignificantCustomerMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_TheDistrictsSignificantCustomerMember_doc" xml:lang="en-US">The Districts Significant Customer [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TotalPotentialThirdPartyObligationMember" xlink:to="pcyo_TotalPotentialThirdPartyObligationMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_TotalPotentialThirdPartyObligationMember_doc" xml:lang="en-US">Total Potential Third Party Obligation [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WastewaterTreatmentFees" xlink:to="pcyo_WastewaterTreatmentFees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WastewaterTreatmentFees_doc" xml:lang="en-US">Wastewater treatment fees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WaterSupplyOtherMember" xlink:to="pcyo_WaterSupplyOtherMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WaterSupplyOtherMember_doc" xml:lang="en-US">Water Supply Other [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WaterTaps" xlink:to="pcyo_WaterTaps_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WaterTaps_doc" xml:lang="en-US">WaterTaps</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WholesaleWaterAndWasterwaterMember" xlink:to="pcyo_WholesaleWaterAndWasterwaterMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WholesaleWaterAndWasterwaterMember_doc" xml:lang="en-US">Wholesale Water And Wasterwater [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AcresOfLandToBeSold" xlink:to="pcyo_AcresOfLandToBeSold_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_AcresOfLandToBeSold_doc" xml:lang="en-US">The number of acres of land to be sold.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_EstimatedProceedsFromSaleOfWaterTaps" xlink:to="pcyo_EstimatedProceedsFromSaleOfWaterTaps_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_EstimatedProceedsFromSaleOfWaterTaps_doc" xml:lang="en-US">The estimated proceeds from the sale of water taps.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps" xlink:to="pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps_doc" xml:lang="en-US">The increase in estimated proceeds from the sale of water taps.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ImpliedInterestRate" xlink:to="pcyo_ImpliedInterestRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ImpliedInterestRate_doc" xml:lang="en-US">The implied interest rate relating to the sale of water taps.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_IncreaseInImpliedInterestRate" xlink:to="pcyo_IncreaseInImpliedInterestRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_IncreaseInImpliedInterestRate_doc" xml:lang="en-US">The increase in the implied interest rate relating to the sale of water taps.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NotesPayableBeingNegotiatedForPurchase" xlink:to="pcyo_NotesPayableBeingNegotiatedForPurchase_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NotesPayableBeingNegotiatedForPurchase_doc" xml:lang="en-US">The carrying amount of notes payable being negotiated for purchase.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentageOfFllcShares" xlink:to="pcyo_PercentageOfFllcShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_PercentageOfFllcShares_doc" xml:lang="en-US">The percentage of FLLC shares attributable to foreclosed properties.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SharesOfCommonStockHeldAsPledgedAssets" xlink:to="pcyo_SharesOfCommonStockHeldAsPledgedAssets_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_SharesOfCommonStockHeldAsPledgedAssets_doc" xml:lang="en-US">The number of shares of common stock held as pledged assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WastewaterServiceOperations" xlink:to="pcyo_WastewaterServiceOperations_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WastewaterServiceOperations_doc" xml:lang="en-US">The amount of expense relating to wastewater service operations.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_FarmIncomeMember" xlink:to="pcyo_FarmIncomeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_FarmIncomeMember_doc" xml:lang="en-US">This item relates to farm income.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfWaterTapsSubjectToTapParticipationFee" xlink:to="pcyo_NumberOfWaterTapsSubjectToTapParticipationFee_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NumberOfWaterTapsSubjectToTapParticipationFee_doc" xml:lang="en-US">The number of water taps subject to a tap participation fee.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases" xlink:to="pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases_doc" xml:lang="en-US">The percentage of income from land and water leases relating to a management fee.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfAcresForExplorationAndDevelopment" xlink:to="pcyo_NumberOfAcresForExplorationAndDevelopment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NumberOfAcresForExplorationAndDevelopment_doc" xml:lang="en-US">The number of acres used for exploration and development.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentageOfOriginalTotalLiability" xlink:to="pcyo_PercentageOfOriginalTotalLiability_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_PercentageOfOriginalTotalLiability_doc" xml:lang="en-US">The percentage of original total liability.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentageAllocatedToContingentObligation" xlink:to="pcyo_PercentageAllocatedToContingentObligation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_PercentageAllocatedToContingentObligation_doc" xml:lang="en-US">The percentage remitted to CAA Holders.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PercentageRemittedToCaaHolders" xlink:to="pcyo_PercentageRemittedToCaaHolders_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_PercentageRemittedToCaaHolders_doc" xml:lang="en-US">The percentage allocated to contingent obligation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OfficeSpace" xlink:to="pcyo_OfficeSpace_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_OfficeSpace_doc" xml:lang="en-US">The square footage of office space.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes" xlink:to="pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes_doc" xml:lang="en-US">The number of properties subject to outstanding promissory notes.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfProperties" xlink:to="pcyo_NumberOfProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NumberOfProperties_doc" xml:lang="en-US">The number of properties.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent" xlink:to="pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent_doc" xml:lang="en-US">The noncurrent portion of deferred revenue from oil and gas lease amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent" xlink:to="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent_doc" xml:lang="en-US">This element represents revenue received for oil and gas lease, but not recognized for financial reporting purposes, which is anticipated to be recognized for financial reporting purposes within one year of the reporting date or one operating cycle, if longer.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent" xlink:to="pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent_doc" xml:lang="en-US">Amount to be collected in accordance with the contractual provisions of long-term contracts or programs including amounts billed and unbilled as of the balance sheet date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal" xlink:to="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal_doc" xml:lang="en-US">Total amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets including land and land improvements used in the normal conduct of business and not intended for resale.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_TapParticipationFeePolicyTextBlock" xlink:to="pcyo_TapParticipationFeePolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_TapParticipationFeePolicyTextBlock_doc" xml:lang="en-US">Disclosure of accounting policy for tap participation fee including imputed interest.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember" xlink:to="us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_2_lbl" xml:lang="en-US">Series of Individually Immaterial Business Acquisitions [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_2_lbl" xml:lang="en-US">Assets, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_2_lbl" xml:lang="en-US">Liabilities, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="us-gaap_CostOfServices_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfServices_2_lbl" xml:lang="en-US">Cost of Services</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WastewaterServiceOperations" xlink:to="pcyo_WastewaterServiceOperations_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WastewaterServiceOperations_3_lbl" xml:lang="en-US">WastewaterServiceOperations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostAndExpenseOperating" xlink:to="us-gaap_OtherCostAndExpenseOperating_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherCostAndExpenseOperating_2_lbl" xml:lang="en-US">Other Cost and Expense, Operating</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization" xlink:to="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization_2_lbl" xml:lang="en-US">Cost of Goods Sold, Depreciation, Depletion and Amortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostOfServices" xlink:to="us-gaap_OtherCostOfServices_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherCostOfServices_2_lbl" xml:lang="en-US">Other Cost of Services</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenue" xlink:to="us-gaap_CostOfRevenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfRevenue_2_lbl" xml:lang="en-US">Cost of Revenue</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_2_lbl" xml:lang="en-US">General and Administrative Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_2_lbl" xml:lang="en-US">Operating Income (Loss)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncome" xlink:to="us-gaap_OtherNonoperatingIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNonoperatingIncome_2_lbl" xml:lang="en-US">Other Nonoperating Income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseDebt_2_lbl" xml:lang="en-US">Interest Expense, Debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_2_lbl" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashIncome" xlink:to="us-gaap_OtherNoncashIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashIncome_2_lbl" xml:lang="en-US">Other Noncash Income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_InterestAddedToConstructionProceedsReceivable" xlink:to="pcyo_InterestAddedToConstructionProceedsReceivable_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_InterestAddedToConstructionProceedsReceivable_3_lbl" xml:lang="en-US">ImputedInterestExpense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_2_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_2_lbl" xml:lang="en-US">Increase (Decrease) in Prepaid Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInDueFromRelatedParties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties_2_lbl" xml:lang="en-US">Increase (Decrease) in Due from Related Parties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="us-gaap_IncreaseDecreaseInDeferredRevenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_2_lbl" xml:lang="en-US">Increase (Decrease) in Deferred Revenue</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredOilAndGasLeaseBonusPayment" xlink:to="pcyo_DeferredOilAndGasLeaseBonusPayment_3_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireMarketableSecurities" xlink:to="us-gaap_PaymentsToAcquireMarketableSecurities_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems" xlink:to="us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PaymentsToContingentLiabilityHolders" xlink:to="pcyo_PaymentsToContingentLiabilityHolders_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PaymentsToContingentLiabilityHolders_3_lbl" xml:lang="en-US">Participating Interests Liability [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_2_lbl" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosuresTextBlock_2_lbl" xml:lang="en-US">Fair Value Disclosures [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_2_lbl" xml:lang="en-US">Concentration Risk Disclosure [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_2_lbl" xml:lang="en-US">Accounts Payable and Accrued Liabilities Disclosure [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LegalMattersAndContingenciesTextBlock" xlink:to="us-gaap_LegalMattersAndContingenciesTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LegalMattersAndContingenciesTextBlock_2_lbl" xml:lang="en-US">Legal Matters and Contingencies [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_2_lbl" xml:lang="en-US">Segment Reporting Disclosure [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowSupplementalDisclosuresTextBlock" xlink:to="us-gaap_CashFlowSupplementalDisclosuresTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock_2_lbl" xml:lang="en-US">Cash Flow, Supplemental Disclosures [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock_2_lbl" xml:lang="en-US">Property, Plant and Equipment [Table Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_3_lbl" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation" xlink:to="us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_3_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_2_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_2_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfOptions1Abstract" xlink:to="pcyo_NumberOfOptions1Abstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NumberOfOptions1Abstract_2_lbl" xml:lang="en-US">NumberOfOptions1Abstract</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PotentialThirdPartyObligationAbstract" xlink:to="pcyo_PotentialThirdPartyObligationAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PotentialThirdPartyObligationAbstract_2_lbl" xml:lang="en-US">PercentOfTheCompanysArkansasRiverAssetsRepresentedByTheProperties</link:label>
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>pcyo-20130531_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
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    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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    <link:roleRef roleURI="http://purecyclewater.com/role/AccountingPoliciesByPolicy" xlink:href="pcyo-20130531.xsd#AccountingPoliciesByPolicy" xlink:type="simple" />
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<DESCRIPTION>IDEA: Investments in Water, Water Systems, Land and Improvements
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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 3 &amp;#8211; INVESTMENTS IN WATER, WATER SYSTEMS, LAND AND IMPROVEMENTS&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company&amp;#8217;s water rights and current water and wastewater service agreements are more fully described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report. There have been no significant changes to the Company&amp;#8217;s water rights or water and wastewater service agreements during the three and nine months ended May 31, 2013.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company&amp;#8217;s water, water systems, land and improvements consist of the following costs and accumulated depreciation and depletion at May 31, 2013 and August 31, 2012:&lt;/font&gt;&lt;/div&gt;

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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,924,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(50,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fairgrounds water and water system&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,899,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(600,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,899,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(534,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Rangeview water system&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;167,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(71,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;167,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(67,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Water supply &amp;#8211; other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;26,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(21,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;25,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(19,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Totals&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;90,804,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(2,218,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;90,505,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(1,995,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="vertical-align: bottom; width: 36%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Net investments in water and water systems&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;88,586,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;88,510,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Sky Ranch land and improvements, net&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,770,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,778,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total net investments in water, water systems, land and improvements&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;92,356,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;92,288,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Capitalized terms in this section not defined herein are defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Depletion and Depreciation. &lt;/font&gt;The Company recorded $100 of depletion charges during each of the three month periods ended May 31, 2013 and 2012, respectively. The Company recorded $300 of depletion charges during each of the nine month periods ended May 31, 2013 and 2012. This related entirely to the Rangeview Water Supply. No depletion is taken against the Arkansas River water or Sky Ranch Water Supply because the water located at these locations is not yet being utilized for its intended purpose as of May 31, 2013.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company recorded $77,600 of depreciation expense during each of the three months ended May 31, 2013 and 2012. The Company recorded $231,500 and $230,100 of depreciation expense during the nine months ended May 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The May 31, 2013 consolidated balance sheet, the consolidated statements of comprehensive loss for the three and nine months ended May 31, 2013 and 2012, respectively and the consolidated statements of cash flows for the nine months ended May 31, 2013 and 2012, respectively, have been prepared by Pure Cycle Corporation (the &amp;#8220;Company&amp;#8221;) and have not been audited. In the opinion of management, all adjustments necessary to present fairly the financial position, results of operations and cash flows at May 31, 2013, and for all periods presented have been made appropriately.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#8220;GAAP&amp;#8221;) have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2012 Annual Report on Form 10-K (the &amp;#8220;2012 Annual Report&amp;#8221;) filed with the Securities and Exchange Commission (the &amp;#8220;SEC&amp;#8221;) on November 28, 2012. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year. The August 31, 2012 balance sheet was derived directly from the Company&amp;#8217;s audited financial statements.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Use of Estimates&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

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&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/div&gt;

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&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Cash and Cash Equivalents&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&amp;#8217;s cash equivalents are comprised entirely of money market funds maintained at a high quality financial institution in an account which at various times during the three and nine months ended May 31, 2013, exceeded federally insured limits. At various times during the three and nine months ended May 31, 2013, the Company&amp;#8217;s main operating account exceeded federally insured limits.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Financial Instruments &amp;#8211; Concentration of Credit Risk and Fair Value&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and marketable securities. The Company places its cash equivalents and investments with high quality financial institutions. The Company invests its cash primarily in certificates of deposits, money market instruments, and U.S. government treasury obligations. To date, the Company has not experienced significant losses on any of these investments.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Current Assets and Liabilities &amp;#8211; &lt;/font&gt;The amounts reported on the balance sheets for cash and cash equivalents, trade receivables, and trade payables approximate their fair values because of the short maturity of these instruments.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The
amounts reported on the balance sheets for marketable securities represent the fair values of the underlying instruments
as reported by the financial institutions where the funds are held as of August 31, 2012. The Company has recorded
an accumulated net unrealized loss on its marketable securities of $1,081 as of August 31, 2012. The unrealized loss was
the result of changes in interest rates in the market. As of May 31, 2013, the Company is not holding any marketable
securities in an effort to create liquidity while the Company is in the process of curing the defaults by High Plains
A&amp;#38;M, LLC (&amp;#8220;HP A&amp;#38;M&amp;#8221;).&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Notes Receivable and Construction Proceeds Receivable &amp;#8211; &lt;/font&gt;The amounts reported on the balance sheets for notes receivable and construction proceeds receivable approximate fair value as they bear interest at rates which are comparable to current market rates.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&amp;#160;&lt;/div&gt;


&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The fair value of the Note Receivable &amp;#8211; related party Rangeview Metropolitan District (the &amp;#8220;District&amp;#8221;) is not practical to estimate due to the related party nature of the underlying transaction.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Receivable from HP A&amp;#38;M &amp;#8211; &lt;/font&gt;As described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; below, HP A&amp;#38;M defaulted on certain promissory notes payable to third parties which are secured by real property and water rights owned by the Company. To protect its property and water rights, the Company has purchased certain of the HP A&amp;#38;M notes. The Company has the right to recover from HP A&amp;#38;M all costs and expenses, including reasonable attorneys&amp;#8217; fees, incurred by the Company in curing the defaulted notes and in protecting its right and title to the property and water rights securing the notes. The Company has recorded the entire amount of the HP A&amp;#38;M notes purchased by the Company and the value of remaining notes the Company is currently negotiating to purchase as a receivable from HP A&amp;#38;M net of the $3.4 million in proceeds received from the sale of 1.5 million shares of the Company&amp;#8217;s Common Stock held as pledged assets. The short term portion of the receivable represents the amount of the defaulted promissory notes payable by HP A&amp;#38;M which were purchased by the Company as of May 31, 2013, due within the next 12 months. The carrying value of the accounts receivable approximate the fair value as the rates are comparable to market rates.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Long-term Financial Liabilities&lt;/font&gt;&lt;font style="display: inline; font-weight: bold"&gt; &amp;#8211; &lt;/font&gt;The Comprehensive Amendment Agreement No. 1 (the &amp;#8220;CAA&amp;#8221; as further described in Note 4 &amp;#8211;&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below) is comprised of a recorded balance and an off-balance sheet or &amp;#8220;contingent&amp;#8221; obligation associated with the Company&amp;#8217;s acquisition of its &amp;#8220;Rangeview Water Supply&amp;#8221; (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets &lt;/font&gt;to the 2012 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &amp;#8220;Export Water&amp;#8221; (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report). Because of the uncertainty of the sale of&amp;#160;&amp;#160;Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The recorded balance of the &amp;#8220;Tap Participation Fee&amp;#8221; liability (as described below and in Note 4 -&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below) is its estimated fair value determined by projecting new home development in the Company&amp;#8217;s targeted service area over an estimated development period.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Notes Payable &amp;#8211; &lt;/font&gt;As of May 31, 2013, the Company has acquired approximately $6.9 million of the $9.6 million of promissory notes that are payable by HP A&amp;#38;M to third parties. These promissory notes were acquired with cash payments of approximately $1.4 million and the issuance of approximately $5.6 million of notes by the Company, the majority of which have a five-year term, bear interest at an annual rate of five percent (5%), and require semi-annual payments with a straight-line amortization schedule. The carrying value of the notes payable approximate the fair value as the rates are comparable to market rates.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="display: inline; font-weight: bold; text-decoration: underline"&gt;Tap Participation Fee&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;This note should be read in conjunction with Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; below.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Pursuant to the Asset Purchase Agreement (the &amp;#8220;Arkansas River Agreement&amp;#8221;) dated May 10, 2006, the Company is obligated to pay HP A&amp;#38;M a defined percentage of a defined number of water tap fees the Company receives after the date of the Arkansas River Agreement. A Tap Participation Fee is due and payable once the Company has sold a water tap and received the consideration due for such water tap. The Company did not sell any water taps during the three or nine months ended May 31, 2013 or 2012.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company imputes interest expense on the unpaid Tap Participation Fee using the effective interest method over an estimated period which is utilized in the valuation of the liability. The Company imputed interest of $871,900 and $873,000 during the three months ended May 31, 2013 and 2012, respectively. The Company imputed interest of $2,416,600 and $2,586,800 during the nine months ended May 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;At May 31, 2013, there remain 19,427 water taps subject to the Tap Participation Fee.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Revenue Recognition&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="font: 10pt Times New Roman"&gt;&lt;b&gt;&lt;i&gt;Tap
and Construction Fees &lt;/i&gt;&lt;/b&gt;&amp;#8211; In August 2005, the Company entered into the Water Service Agreement (the &amp;#8220;County
Agreement&amp;#8221;) with Arapahoe County (the &amp;#8220;County&amp;#8221;). In fiscal 2006, the Company began recognizing water tap fees
as revenue ratably over the estimated service period upon completion of the &amp;#8220;Wholesale Facilities&amp;#8221; (defined in the
2012 Annual Report) constructed to provide service to the County. The Company recognized $3,600 of water tap fee revenues during
each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $10,700 of water tap fee revenues during
each of the nine months ended May 31, 2013 and 2012, respectively. The water tap fees to be recognized over this period are net
of the royalty payments to the State of Colorado Board of Land Commissioners (the &amp;#8220;Land Board&amp;#8221;) and amounts paid to
third parties pursuant to the CAA as further described in Note 4 &amp;#8211;&lt;i&gt; Long-Term Obligations and Operating Lease&lt;/i&gt; below.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;


&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company recognized $10,400 of &amp;#8220;Special Facilities&amp;#8221; (defined in the 2012 Annual Report) funding as revenue during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $31,100 of Special Facilities funding as revenue during each of the nine months ended May 31, 2013 and 2012, respectively. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As of May 31, 2013, the Company has deferred recognition of $1.3 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Farm Operations &amp;#8211; &lt;/font&gt;The Company leases its Arkansas River water and land to area farmers who actively farm the properties. Prior to August 3, 2012, pursuant to a property management agreement between HP A&amp;#38;M and the Company (the &amp;#8220;Property Management Agreement&amp;#8221;), HP A&amp;#38;M received a management fee equal to 100% of the income from the land and water leases. As a result, the Company presented its land and water lease income net of the management fees paid to HP A&amp;#38;M. Effective August 3, 2012, the Company terminated the Property Management Agreement due to a default by HP A&amp;#38;M on certain promissory notes secured by deeds of trust on the land and water purchased by the Company from HP A&amp;#38;M in 2006. Effective August 3, 2012, the Company manages the land and water leases and the income from the land and water leases became payable to the Company. Pursuant to the farm lease agreements, the Company bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual water deliveries by the Fort Lyon Canal Company (&amp;#8220;FLCC&amp;#8221;) or are based on crop yields. Subsequent to August 3, 2012, the Company records farm lease income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases. The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as of May 31, 2013, was determined by the Company&amp;#8217;s specific review of all past due accounts. The Company has recorded allowances for doubtful accounts totaling $41,100 and $20,400 as of May 31, 2013 and August 31, 2012, respectively. As of May 31, 2013 the company has recorded deferred revenue of $82,565 on its farm income related to billings for future periods. The Company manages the farm lease business as a separate line of business from the wholesale water and wastewater business.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Royalty and other obligations &amp;#8211;&amp;#160;&amp;#160;&lt;/font&gt;Revenues from the sale of Export Water are shown net of royalties payable to the Land Board. Revenues from the sale of water on the &amp;#8220;Lowry Range&amp;#8221; (described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report) are shown net of the royalties to the Land Board and the amounts retained by the District.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Oil
and Gas Lease Payments &amp;#8211;&amp;#160;&amp;#160;&lt;/font&gt;As further described in Note 2 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Summary
of Significant Accounting Policies&lt;/font&gt;&amp;#160;to the 2012 Annual Report, on March 10, 2011, the Company entered into a
Paid-Up Oil and Gas Lease (the &amp;#8220;O&amp;#38;G Lease&amp;#8221;) and a Surface Use and Damage Agreement (the &amp;#8220;Surface Use
Agreement&amp;#8221;) with Anadarko E&amp;#38;P Company, L.P. (&amp;#8220;Anadarko&amp;#8221;), a wholly owned subsidiary of Anadarko
Petroleum Company. In December of 2012 the O&amp;#38;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips
Company. Pursuant to the O&amp;#38;G Lease, during the year ended August 31, 2011, the Company received up-front payments of
$1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of
mineral estate owned by the Company at its &amp;#8220;Sky Ranch&amp;#8221; property (described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water
Assets&lt;/font&gt; to the 2012 Annual Report). The Company began recognizing the up-front payments as income on a straight-line
basis over three years (the initial term of the O&amp;#38;G Lease) on March 10, 2011. During the three months ended May
31, 2013 and 2012, the Company recognized $103,600 and $104,600, respectively, of income and royalty related to the up-front
payments received pursuant to the O&amp;#38;G Lease. During the nine months ended May 31, 2013 and 2012, the Company recognized
$310,900 and $319,400, respectively, of income and royalty related to the up-front payments received pursuant to the O&amp;#38;G
Lease.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As of May 31, 2013, the Company has deferred recognition of $328,100 of income related to the O&amp;#38;G Lease, which will be recognized into income ratably through February 2014.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;


&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Costs to construct water and wastewater systems that meet the Company&amp;#8217;s capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line basis over their estimated useful lives of up to thirty years. The Company capitalizes design and construction costs related to construction activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of its water assets. The Company depletes its groundwater assets that are being utilized on the basis of units produced (i.e. thousands of gallons sold) divided by the total volume of water adjudicated in the water decrees.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Share-based Compensation&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company maintains a stock option plan for the benefit of its employees and non-employee directors. The Company records share-based compensation costs as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative transition method for calculating the tax effects of share-based compensation, which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options has no impact on the income tax provisions.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company recognized $19,200 and $2,100 of share-based compensation expense during the three months ended May 31, 2013 and 2012, respectively. During each of the nine months ended May 31, 2013 and 2012, the Company recognized $42,300 of share-based compensation expense.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Income taxes&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company uses a "more-likely-than-not" threshold for the recognition and de-recognition of tax positions, including any potential interest and penalties relating to tax positions taken by the Company. The Company did not have any significant unrecognized tax benefits as of May 31, 2013.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal 2010 through fiscal 2012. The Company does not believe there will be any material changes in its unrecognized tax positions over the next twelve months.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At May 31, 2013, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or nine months ended May 31, 2013 and 2012.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Loss per Common Share&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Loss per common share is computed by dividing net loss by the weighted average number of shares outstanding during each period. Common stock options and warrants aggregating 247,600 and 263,100 common share equivalents were outstanding as of May 31, 2013 and 2012, respectively, and have been excluded from the calculation of loss per common share as their effect is anti-dilutive.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Recently Issued Accounting Pronouncements&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&amp;#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company&amp;#8217;s consolidated financial statements properly reflect the change.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;In June 2011, the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2011-05, &lt;font style="font-style: italic; display: inline"&gt;Comprehensive Income (Topic 220) &amp;#8211; Presentation of Comprehensive Income&lt;/font&gt; (&amp;#8220;ASU 2011-05&amp;#8221;). ASU 2011-05 requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. ASU 2011-05 is effective for fiscal years beginning after December 15, 2011 (September 1, 2012 for the Company). The adoption of ASU 2011-05 did not have a material impact on its results of operations, financial condition or cash flows.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;


&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;In February 2013, the FASB issued ASU No. 2013-02, &lt;font style="font-style: italic; display: inline"&gt;Comprehensive Income (Topic 220) -&lt;/font&gt; &lt;font style="font-style: italic; display: inline"&gt;Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income&lt;/font&gt; (&amp;#8220;ASU 2013-02). ASU 2013-02 finalizes Proposed ASU No. 2012-240, and seeks to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. ASU 2013-02 is effective &lt;font style="display: inline; font-family: Times New Roman"&gt;prospectively for reporting periods beginning after December 15, 2012 (September 1, 2013 for the Company). The adoption of ASU 2013-02 will not have a material impact on its results of operations, financial condition or cash flows.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).  Accounting policies describe all significant accounting policies of the reporting entity.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Presentation of Interim Information</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Presentation of Interim Information</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://purecyclewater.com/role/Note</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows></InstanceReport>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKJAC">
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          <div style="width: 200px;"><strong>Presentation of Interim Information (Policies)<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PresentationOfInterimInformationPoliciesAbstract', window );"><strong>Presentation Of Interim Information Policies</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Use of Estimates</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block"></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Cash and Cash Equivalents</font></font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&#8217;s cash equivalents are comprised entirely of money market funds maintained at a high quality financial institution in an account which at various times during the three and nine months ended May 31, 2013, exceeded federally insured limits. At various times during the three and nine months ended May 31, 2013, the Company&#8217;s main operating account exceeded federally insured limits.</font></div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Financial Instruments - Concentration of Credit Risk and Fair Value</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Financial Instruments &#8211; Concentration of Credit Risk and Fair Value</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and marketable securities. The Company places its cash equivalents and investments with high quality financial institutions. The Company invests its cash primarily in certificates of deposits, money market instruments, and U.S. government treasury obligations. To date, the Company has not experienced significant losses on any of these investments.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Current Assets and Liabilities &#8211; </font>The amounts reported on the balance sheets for cash and cash equivalents, trade receivables, and trade payables approximate their fair values because of the short maturity of these instruments.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The amounts reported on the balance sheets for marketable securities represent the fair values of the underlying instruments as reported by the financial institutions where the funds are held as of August 31, 2012. The Company has recorded an accumulated net unrealized loss on its marketable securities of $1,081 as of August 31, 2012. The unrealized loss was the result of changes in interest rates in the market. As of May 31, 2013, the Company is not holding any marketable securities in an effort to create liquidity while the Company is in the process of curing the defaults by High Plains A&#38;M, LLC (&#8220;HP A&#38;M&#8221;).</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Notes Receivable and Construction Proceeds Receivable &#8211; </font>The amounts reported on the balance sheets for notes receivable and construction proceeds receivable approximate fair value as they bear interest at rates which are comparable to current market rates.</font></div>

<div style="text-indent: 0pt; display: block">&#160;&#160;</div>


<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The fair value of the Note Receivable &#8211; related party Rangeview Metropolitan District (the &#8220;District&#8221;) is not practical to estimate due to the related party nature of the underlying transaction.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Receivable from HP A&#38;M &#8211; </font>As described in Note 4 &#8211; <font style="font-style: italic; display: inline">Long-Term Obligations and Operating Lease</font> below, HP A&#38;M defaulted on certain promissory notes payable to third parties which are secured by real property and water rights owned by the Company. To protect its property and water rights, the Company has purchased certain of the HP A&#38;M notes. The Company has the right to recover from HP A&#38;M all costs and expenses, including reasonable attorneys&#8217; fees, incurred by the Company in curing the defaulted notes and in protecting its right and title to the property and water rights securing the notes. The Company has recorded the entire amount of the HP A&#38;M notes purchased by the Company and the value of remaining notes the Company is currently negotiating to purchase as a receivable from HP A&#38;M net of the $3.4 million in proceeds received from the sale of 1.5 million shares of the Company&#8217;s Common Stock held as pledged assets. The short term portion of the receivable represents the amount of the defaulted promissory notes payable by HP A&#38;M which were purchased by the Company as of May 31, 2013, due within the next 12 months. The carrying value of the accounts receivable approximate the fair value as the rates are comparable to market rates.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Long-term Financial Liabilities</font><font style="display: inline; font-weight: bold"> &#8211; </font>The Comprehensive Amendment Agreement No. 1 (the &#8220;CAA&#8221; as further described in Note 4 &#8211;<font style="font-style: italic; display: inline"> Long-Term Obligations and Operating Lease</font> below) is comprised of a recorded balance and an off-balance sheet or &#8220;contingent&#8221; obligation associated with the Company&#8217;s acquisition of its &#8220;Rangeview Water Supply&#8221; (defined in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets </font>to the 2012 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &#8220;Export Water&#8221; (defined in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report). Because of the uncertainty of the sale of&#160;&#160;Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The recorded balance of the &#8220;Tap Participation Fee&#8221; liability (as described below and in Note 4 -<font style="font-style: italic; display: inline"> Long-Term Obligations and Operating Lease</font> below) is its estimated fair value determined by projecting new home development in the Company&#8217;s targeted service area over an estimated development period.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Notes Payable &#8211; </font>As of May 31, 2013, the Company has acquired approximately $6.9 million of the $9.6 million of promissory notes that are payable by HP A&#38;M to third parties. These promissory notes were acquired with cash payments of approximately $1.4 million and the issuance of approximately $5.6 million of notes by the Company, the majority of which have a five-year term, bear interest at an annual rate of five percent (5%), and require semi-annual payments with a straight-line amortization schedule. The carrying value of the notes payable approximate the fair value as the rates are comparable to market rates.</font></div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_TapParticipationFeePolicyTextBlock', window );">Tap Participation Fee</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block"></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold; text-decoration: underline">Tap Participation Fee</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">This note should be read in conjunction with Note 4 &#8211; <font style="font-style: italic; display: inline">Long-Term Obligations and Operating Lease</font> below.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">Pursuant to the Asset Purchase Agreement (the &#8220;Arkansas River Agreement&#8221;) dated May 10, 2006, the Company is obligated to pay HP A&#38;M a defined percentage of a defined number of water tap fees the Company receives after the date of the Arkansas River Agreement. A Tap Participation Fee is due and payable once the Company has sold a water tap and received the consideration due for such water tap. The Company did not sell any water taps during the three or nine months ended May 31, 2013 or 2012.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">The Company imputes interest expense on the unpaid Tap Participation Fee using the effective interest method over an estimated period which is utilized in the valuation of the liability. The Company imputed interest of $871,900 and $873,000 during the three months ended May 31, 2013 and 2012, respectively. The Company imputed interest of $2,416,600 and $2,586,800 during the nine months ended May 31, 2013 and 2012, respectively.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">At May 31, 2013, there remain 19,427 water taps subject to the Tap Participation Fee.</font></div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Revenue Recognition</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Tap and Construction Fees </font>&#8211; In August 2005, the Company entered into the Water Service Agreement (the &#8220;County Agreement&#8221;) with Arapahoe County (the &#8220;County&#8221;). In fiscal 2006, the Company began recognizing water tap fees as revenue ratably over the estimated service period upon completion of the &#8220;Wholesale Facilities&#8221; (defined in the 2012 Annual Report) constructed to provide service to the County. The Company recognized $3,600 of water tap fee revenues during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $10,700 of water tap fee revenues during each of the nine months ended May 31, 2013 and 2012, respectively. The water tap fees to be recognized over this period are net of the royalty payments to the State of Colorado Board of Land Commissioners (the &#8220;Land Board&#8221;) and amounts paid to third parties pursuant to the CAA as further described in Note 4 &#8211;<font style="font-style: italic; display: inline"> Long-Term Obligations and Operating Lease</font> below.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company recognized $10,400 of &#8220;Special Facilities&#8221; (defined in the 2012 Annual Report) funding as revenue during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $31,100 of Special Facilities funding as revenue during each of the nine months ended May 31, 2013 and 2012, respectively. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">As of May 31, 2013, the Company has deferred recognition of $1.3 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Farm Operations &#8211; </font>The Company leases its Arkansas River water and land to area farmers who actively farm the properties. Prior to August 3, 2012, pursuant to a property management agreement between HP A&#38;M and the Company (the &#8220;Property Management Agreement&#8221;), HP A&#38;M received a management fee equal to 100% of the income from the land and water leases. As a result, the Company presented its land and water lease income net of the management fees paid to HP A&#38;M. Effective August 3, 2012, the Company terminated the Property Management Agreement due to a default by HP A&#38;M on certain promissory notes secured by deeds of trust on the land and water purchased by the Company from HP A&#38;M in 2006. Effective August 3, 2012, the Company manages the land and water leases and the income from the land and water leases became payable to the Company. Pursuant to the farm lease agreements, the Company bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual water deliveries by the Fort Lyon Canal Company (&#8220;FLCC&#8221;) or are based on crop yields. Subsequent to August 3, 2012, the Company records farm lease income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases. The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as of May 31, 2013, was determined by the Company&#8217;s specific review of all past due accounts. The Company has recorded allowances for doubtful accounts totaling $41,100 and $20,400 as of May 31, 2013 and August 31, 2012, respectively. As of May 31, 2013 the company has recorded deferred revenue of $82,565 on its farm income related to billings for future periods. The Company manages the farm lease business as a separate line of business from the wholesale water and wastewater business.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Royalty and other obligations &#8211;&#160;&#160;</font>Revenues from the sale of Export Water are shown net of royalties payable to the Land Board. Revenues from the sale of water on the &#8220;Lowry Range&#8221; (described in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report) are shown net of the royalties to the Land Board and the amounts retained by the District.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Oil
and Gas Lease Payments &#8211;&#160;&#160;</font>As further described in Note 2 &#8211; <font style="font-style: italic; display: inline">Summary
of Significant Accounting Policies</font>&#160;to the 2012 Annual Report, on March 10, 2011, the Company entered into a
Paid-Up Oil and Gas Lease (the &#8220;O&#38;G Lease&#8221;) and a Surface Use and Damage Agreement (the &#8220;Surface Use
Agreement&#8221;) with Anadarko E&#38;P Company, L.P. (&#8220;Anadarko&#8221;), a wholly owned subsidiary of Anadarko
Petroleum Company. In December of 2012 the O&#38;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips
Company. Pursuant to the O&#38;G Lease, during the year ended August 31, 2011, the Company received up-front payments of
$1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of
mineral estate owned by the Company at its &#8220;Sky Ranch&#8221; property (described in Note 4 &#8211; <font style="font-style: italic; display: inline">Water
Assets</font> to the 2012 Annual Report). The Company began recognizing the up-front payments as income on a straight-line
basis over three years (the initial term of the O&#38;G Lease) on March 10, 2011. During the three months ended May 31, 2013
and 2012, the Company recognized $103,600 and $104,600, respectively, of income and royalty related to the up-front payments
received pursuant to the O&#38;G Lease. During the nine months ended May 31, 2013 and 2012, the Company recognized $310,900
and $319,400, respectively, of income and royalty related to the up-front payments received pursuant to the O&#38;G
Lease.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">As of May 31, 2013, the Company has deferred recognition of $328,100 of income related to the O&#38;G Lease, which will be recognized into income ratably through February 2014.</font></div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OilAndGasPropertiesPolicyPolicyTextBlock', window );">Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets</font></font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Costs to construct water and wastewater systems that meet the Company&#8217;s capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line basis over their estimated useful lives of up to thirty years. The Company capitalizes design and construction costs related to construction activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of its water assets. The Company depletes its groundwater assets that are being utilized on the basis of units produced (i.e. thousands of gallons sold) divided by the total volume of water adjudicated in the water decrees.</font></div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share-based Compensation</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Share-based Compensation</font></font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The Company maintains a stock option plan for the benefit of its employees and non-employee directors. The Company records share-based compensation costs as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative transition method for calculating the tax effects of share-based compensation, which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options has no impact on the income tax provisions.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company recognized $19,200 and $2,100 of share-based compensation expense during the three months ended May 31, 2013 and 2012, respectively. During each of the nine months ended May 31, 2013 and 2012, the Company recognized $42,300 of share-based compensation expense.</font></div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Tax</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Income taxes</font></font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The Company uses a "more-likely-than-not" threshold for the recognition and de-recognition of tax positions, including any potential interest and penalties relating to tax positions taken by the Company. The Company did not have any significant unrecognized tax benefits as of May 31, 2013.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal 2010 through fiscal 2012. The Company does not believe there will be any material changes in its unrecognized tax positions over the next twelve months.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At May 31, 2013, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or nine months ended May 31, 2013 and 2012.</font></div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Loss per Common Share</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Loss per Common Share</font></font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Loss per common share is computed by dividing net loss by the weighted average number of shares outstanding during each period. Common stock options and warrants aggregating 247,600 and 263,100 common share equivalents were outstanding as of May 31, 2013 and 2012, respectively, and have been excluded from the calculation of loss per common share as their effect is anti-dilutive.</font></div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recently Issued Accounting Pronouncements</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Recently Issued Accounting Pronouncements</font></font></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company&#8217;s consolidated financial statements properly reflect the change.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">In June 2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2011-05, <font style="font-style: italic; display: inline">Comprehensive Income (Topic 220) &#8211; Presentation of Comprehensive Income</font> (&#8220;ASU 2011-05&#8221;). ASU 2011-05 requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. ASU 2011-05 is effective for fiscal years beginning after December 15, 2011 (September 1, 2012 for the Company). The adoption of ASU 2011-05 did not have a material impact on its results of operations, financial condition or cash flows.</font></div>

<div style="text-indent: 0pt; display: block"></div><div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>


<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">In February 2013, the FASB issued ASU No. 2013-02, <font style="font-style: italic; display: inline">Comprehensive Income (Topic 220) -</font> <font style="font-style: italic; display: inline">Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income</font> (&#8220;ASU 2013-02). ASU 2013-02 finalizes Proposed ASU No. 2012-240, and seeks to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. ASU 2013-02 is effective <font style="display: inline; font-family: Times New Roman">prospectively for reporting periods beginning after December 15, 2012 (September 1, 2013 for the Company). The adoption of ASU 2013-02 will not have a material impact on its results of operations, financial condition or cash flows.</font></font></div><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for tap participation fee including imputed interest.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144384<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br><br><br></p>
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                <p>Disclosure of accounting policy for determining the fair value of financial instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OilAndGasPropertiesPolicyPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for oil and gas property which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OilAndGasPropertiesPolicyPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section B<br><br> -Paragraph Question 1<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.B.Q1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18823-107790<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenueRecognitionPolicyTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>nonnum:textBlockItemType</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b),(f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2228939<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6143-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6132-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6061-108592<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UseOfEstimates</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EYMBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Loss (Unaudited) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>May 31, 2012</div>
        </th>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>May 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Metered water usage</a></td>
        <td class="nump">$ 89,666<span></span></td>
        <td class="nump">$ 32,301<span></span></td>
        <td class="nump">$ 240,593<span></span></td>
        <td class="nump">$ 98,301<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_WastewaterTreatmentFees', window );">Wastewater treatment fees</a></td>
        <td class="nump">10,069<span></span></td>
        <td class="nump">11,315<span></span></td>
        <td class="nump">31,384<span></span></td>
        <td class="nump">34,944<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Farm operations</a></td>
        <td class="nump">296,085<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">963,935<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecognitionOfDeferredConstructionFunding', window );">Special facility funding recognized</a></td>
        <td class="nump">10,377<span></span></td>
        <td class="nump">10,377<span></span></td>
        <td class="nump">31,131<span></span></td>
        <td class="nump">31,131<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecognitionOfDeferredWaterTapFees', window );">Water tap fees recognized</a></td>
        <td class="nump">3,574<span></span></td>
        <td class="nump">3,574<span></span></td>
        <td class="nump">10,721<span></span></td>
        <td class="nump">10,722<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Other</a></td>
        <td class="nump">3,673<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">8,603<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
        <td class="nump">413,444<span></span></td>
        <td class="nump">57,567<span></span></td>
        <td class="nump">1,286,367<span></span></td>
        <td class="nump">175,098<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Water service operations</a></td>
        <td class="num">(59,552)<span></span></td>
        <td class="num">(16,779)<span></span></td>
        <td class="num">(137,820)<span></span></td>
        <td class="num">(48,496)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_WastewaterServiceOperations', window );">Wastewater service operations</a></td>
        <td class="num">(4,898)<span></span></td>
        <td class="num">(5,429)<span></span></td>
        <td class="num">(12,842)<span></span></td>
        <td class="num">(15,944)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostAndExpenseOperating', window );">Farm operations</a></td>
        <td class="num">(27,867)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(73,967)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization', window );">Depletion and depreciation</a></td>
        <td class="num">(22,198)<span></span></td>
        <td class="num">(22,114)<span></span></td>
        <td class="num">(66,514)<span></span></td>
        <td class="num">(66,304)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostOfServices', window );">Other</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(20,673)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Total cost of revenues</a></td>
        <td class="num">(114,515)<span></span></td>
        <td class="num">(44,322)<span></span></td>
        <td class="num">(311,816)<span></span></td>
        <td class="num">(130,744)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross margin</a></td>
        <td class="nump">298,929<span></span></td>
        <td class="nump">13,245<span></span></td>
        <td class="nump">974,551<span></span></td>
        <td class="nump">44,354<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
        <td class="num">(460,479)<span></span></td>
        <td class="num">(621,243)<span></span></td>
        <td class="num">(1,602,130)<span></span></td>
        <td class="num">(1,804,474)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationNonproduction', window );">Depreciation</a></td>
        <td class="num">(55,481)<span></span></td>
        <td class="num">(55,574)<span></span></td>
        <td class="num">(165,308)<span></span></td>
        <td class="num">(164,066)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating loss</a></td>
        <td class="num">(217,031)<span></span></td>
        <td class="num">(663,572)<span></span></td>
        <td class="num">(792,887)<span></span></td>
        <td class="num">(1,924,186)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_OtherIncomeExpenseAbstract', window );"><strong>Other income (expense):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OilAndGasRevenue', window );">Oil and gas lease income, net</a></td>
        <td class="nump">103,620<span></span></td>
        <td class="nump">104,580<span></span></td>
        <td class="nump">310,860<span></span></td>
        <td class="nump">319,379<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
        <td class="nump">4,762<span></span></td>
        <td class="nump">12,837<span></span></td>
        <td class="nump">24,429<span></span></td>
        <td class="nump">42,415<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncome', window );">Other</a></td>
        <td class="nump">1,395<span></span></td>
        <td class="num">(791)<span></span></td>
        <td class="nump">6,176<span></span></td>
        <td class="nump">3,912<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Interest expense</a></td>
        <td class="num">(73,627)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(176,837)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</a></td>
        <td class="num">(871,864)<span></span></td>
        <td class="num">(872,980)<span></span></td>
        <td class="num">(2,416,619)<span></span></td>
        <td class="num">(2,586,780)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">(1,052,745)<span></span></td>
        <td class="num">(1,419,926)<span></span></td>
        <td class="num">(3,044,878)<span></span></td>
        <td class="num">(4,145,260)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized gain on marketable securities</a></td>
        <td class="nump">56<span></span></td>
        <td class="num">(720)<span></span></td>
        <td class="nump">1,081<span></span></td>
        <td class="nump">2,715<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive Loss</a></td>
        <td class="num">$ (1,052,689)<span></span></td>
        <td class="num">$ (1,420,646)<span></span></td>
        <td class="num">$ (3,043,797)<span></span></td>
        <td class="num">$ (4,142,545)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Net loss per common share - basic and diluted (in Dollars per share)</a></td>
        <td class="num">$ (0.04)<span></span></td>
        <td class="num">$ (0.06)<span></span></td>
        <td class="num">$ (0.13)<span></span></td>
        <td class="num">$ (0.17)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average common shares outstanding - basic and diluted (in Shares)</a></td>
        <td class="nump">24,037,596<span></span></td>
        <td class="nump">24,037,596<span></span></td>
        <td class="nump">24,037,596<span></span></td>
        <td class="nump">24,037,596<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_ExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_OtherIncomeExpenseAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_OtherIncomeExpenseAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RecognitionOfDeferredConstructionFunding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Special facility funding recognized</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RecognitionOfDeferredConstructionFunding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RecognitionOfDeferredWaterTapFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Water tap fees recognized</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RecognitionOfDeferredWaterTapFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_WastewaterServiceOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense relating to wastewater service operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_WastewaterServiceOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_WastewaterTreatmentFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Wastewater treatment fees</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_WastewaterTreatmentFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16317811<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e557-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomeNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate depreciation, depletion and amortization expense in the current period for the cost of tangible assets, intangible assets, or depleting assets directly related to goods produced and sold during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate cost of goods produced and sold and services rendered during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 2<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to services rendered by an entity during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 2<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfServices</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationNonproduction">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The expense recognized in the current period that allocates the cost of nonproduction tangible assets over their useful lives.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationNonproduction</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the cost of borrowed funds accounted for as interest expense for debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpenseDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4D<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624177-113959<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph -4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpenseOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OilAndGasRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue during the period related to oil and gas business activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 23<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=8451039&amp;loc=d3e62136-109447<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=8451039&amp;loc=d3e62246-109447<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OilAndGasRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e637-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10A<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=SL7669646-108580<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCostAndExpenseOperating">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 3<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherCostAndExpenseOperating</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCostOfServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other costs incurred and are directly related to services rendered by an entity during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherCostOfServices</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 4<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNonoperatingIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSalesRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenues from the sale of other goods or rendering of other services, not elsewhere specified in the taxonomy; net of (reduced by) sales adjustments, returns, allowances, and discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(a),(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherSalesRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Revenues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenuesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                <p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p>
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<DOCUMENT>
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  <head>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stockholders' Equity<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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      <tr>
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          <div>May 31, 2013</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Shareholders' Equity</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 5 &#8211; SHAREHOLDERS&#8217; EQUITY</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Company maintains the 2004 Incentive Plan (the &#8220;Equity Plan&#8221;), which was approved by shareholders in April 2004. Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants pursuant to the Equity Plan. Pursuant to the Equity Plan, options to purchase shares of stock and restricted stock awards can be granted with exercise prices, vesting conditions and other performance criteria determined by the Compensation Committee of the Board. The Company initially reserved 1.6 million shares of common stock for issuance under the Equity Plan. At May 31, 2013, the Company had 1,318,311 common shares remaining that can be granted to eligible participants pursuant to the Equity Plan.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The following table summarizes the stock option activity for the Equity Plan for the nine months ended May 31, 2013:</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Number of Options</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Weighted-Average Exercise Price</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Weighted-Average Remaining Contractual Term</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Approximate Aggregate Instrinsic Value</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom">
<div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Outstanding at beginning of period (Aug. 31, 2012)</font></div>
</td>
<td style="text-align: right; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="display: inline; font: 10pt times new roman">215,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="display: inline; font: 10pt times new roman">5.88</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="vertical-align: bottom; text-align: left; text-indent: 0pt; padding-left: 2%; margin-left: 0pt; margin-right: 0pt">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Granted</font></div>
</td>
<td style="text-align: right; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="display: inline; font: 10pt times new roman">32,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="display: inline; font: 10pt times new roman">3.15</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; padding-left: 2%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Exercised</font></div>
</td>
<td style="text-align: right; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px; padding-left: 2%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Forfeited or expired</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px">
<div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Outstanding at May 31, 2013</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">247,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">5.52</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">6.4</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">161,475</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px">
<div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Options exercisable at May 31, 2013</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">205,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">6.03</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">5.5</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">114,165</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr></table>
</div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The following table summarizes the activity and value of non-vested options as of and for the nine months ended May 31, 2013:</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="vertical-align: bottom; width: 60%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Number of Options</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Weighted-Average Grant Date Fair Value</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 60%">
<div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Non-vested options outstanding at beginning of period</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-indent: 0pt; display: block">&#160;</div>

<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">All non-vested options are expected to vest. The total fair value of options vested during the three and nine months ended May 31, 2013 and 2012 was $18,800 and $38,900, respectively.</font></div>

<div style="text-indent: 0pt; display: block"><br />
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Stock-based compensation expense for the three months ended May 31, 2013 and 2012, was $19,200 and $13,600, respectively. Stock-based compensation expense for the nine months ended May 31, 2013 and 2012, was $42,300 and $42,300, respectively.</font></div>

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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">At May 31, 2013, the Company had unrecognized expenses relating to non-vested options that are expected to vest totaling $51,200 which have a weighted average life of less than 1 year. The Company has not recorded any excess tax benefits to additional paid-in capital.</font></div><span></span></td>
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                <p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 12: 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      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfNotesPayable', window );">Repayments of Notes Payable</a></td>
        <td class="nump">1,400,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,686,340<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Issuance of notes</a></td>
        <td class="nump">5,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NotePayableTerm', window );">Note Payable Term</a></td>
        <td class="text">5 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Debt Instrument, Interest Rate, Stated Percentage</a></td>
        <td class="nump">5.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfWaterTapsSubjectToTapParticipationFee', window );">Number of water taps subject to tap participation fee</a></td>
        <td class="nump">19,427<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">19,427<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">Interest Expense, Other</a></td>
        <td class="nump">871,864<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">872,980<span></span></td>
        <td class="nump">2,416,619<span></span></td>
        <td class="nump">2,586,780<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecognitionOfDeferredWaterTapFees', window );">Recognition Of Deferred Water Tap Fees</a></td>
        <td class="nump">3,574<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,574<span></span></td>
        <td class="nump">10,721<span></span></td>
        <td class="nump">10,722<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecognitionOfDeferredConstructionFunding', window );">Recognition Of Deferred Construction Funding</a></td>
        <td class="nump">10,377<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,377<span></span></td>
        <td class="nump">31,131<span></span></td>
        <td class="nump">31,131<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases', window );">Management fee, percentage of income from land and water leases</a></td>
        <td class="nump">100.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">100.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Allowance for Doubtful Accounts Receivable, Current</a></td>
        <td class="nump">41,000<span></span></td>
        <td class="nump">20,400<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">41,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RoyaltyRevenue', window );">Royalty Revenue</a></td>
        <td class="nump">103,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">104,600<span></span></td>
        <td class="nump">310,900<span></span></td>
        <td class="nump">319,400<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueLeasesNet', window );">Deferred Revenue, Leases, Net</a></td>
        <td class="nump">1,243,400<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,243,400<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfAcresForExplorationAndDevelopment', window );">Number of acres for exploration and development</a></td>
        <td class="nump">634<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">634<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based Compensation</a></td>
        <td class="nump">19,200<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">13,600<span></span></td>
        <td class="nump">42,252<span></span></td>
        <td class="nump">42,257<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">247,600<span></span></td>
        <td class="nump">263,100<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">County Tap And Construction Fee Deferred Revenue</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred Revenue</a></td>
        <td class="nump">1,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Farm Income</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred Revenue</a></td>
        <td class="nump">82,565<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">82,565<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Deferred O And G Lease Revenue</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred Revenue</a></td>
        <td class="nump">$ 328,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 328,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of income from land and water leases relating to a management fee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_ManagementFeePercentageOfIncomeFromLandAndWaterLeases</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NotePayableTerm">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>NotePayableTerm</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NotePayableTerm</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfAcresForExplorationAndDevelopment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of acres used for exploration and development.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NumberOfAcresForExplorationAndDevelopment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfWaterTapsSubjectToTapParticipationFee">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of water taps subject to a tap participation fee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NumberOfWaterTapsSubjectToTapParticipationFee</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:pureItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RecognitionOfDeferredConstructionFunding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Special facility funding recognized</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RecognitionOfDeferredConstructionFunding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RecognitionOfDeferredWaterTapFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Water tap fees recognized</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RecognitionOfDeferredWaterTapFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_SharesOfCommonStockHeldAsPledgedAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares of common stock held as pledged assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_SharesOfCommonStockHeldAsPledgedAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28368275&amp;loc=d3e5074-111524<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Antidilution<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Diluted Earnings Per Share<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Contingent Stock Agreement<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Contractual interest rate for funds borrowed, under the debt agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentInterestRateStatedPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section A<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1 Response)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueLeasesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents revenue received, but not recognized for financial reporting purposes. Such deferred revenue may consist of and include amounts paid in advance by lessees and is net of the accumulated amortization of such amounts that to date have been recognized in revenue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.15)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueLeasesNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInNotesPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in current portion (due within one year or one business cycle) of obligations evidenced by formal promissory notes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInNotesPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4D<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624177-113959<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph -4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpenseOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 13, 16<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for a borrowing supported by a written promise to pay an obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RoyaltyRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue earned during the period from the leasing or otherwise lending to a third party the entity's rights or title to certain property. Royalty revenue is derived from a percentage or stated amount of sales proceeds or revenue generated by the third party using the entity's property. Examples of property from which royalties may be derived include patents and oil and mineral rights.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RoyaltyRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedLossOnSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease), resulting in a loss, in the difference between the fair value and the carrying value, or in the comparative fair values, of securities held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UnrealizedLossOnSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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</LabelSeparator><Level>4</Level><ElementName>pcyo_PercentageRemittedToCaaHolders</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-05-31" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.35</NumericAmount><RoundedNumericAmount>0.35</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>The percentage allocated to contingent obligation.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Percentage remitted to CAA Holders</Label></Row><Row FlagID="0"><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_PercentageAllocatedToContingentObligation</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-05-31" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.65</NumericAmount><RoundedNumericAmount>0.65</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>The percentage remitted to CAA Holders.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Percentage allocated to contingent obligation</Label></Row><Row FlagID="0"><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_LongTermDebt</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-05-31" UnitID="usd"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3400000</NumericAmount><RoundedNumericAmount>3400000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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 -Section S99

 -Paragraph 1

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 -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878



Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 20, 22

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Long-term Debt</Label></Row><Row FlagID="0"><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_PaymentsOfDebtIssuanceCosts</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID="usd"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>34522</NumericAmount><RoundedNumericAmount>34522</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 45

 -Paragraph 15

 -Subparagraph (e)

 -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585



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</LabelSeparator><Level>4</Level><ElementName>us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-05-31" UnitID="usd"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>70685795</NumericAmount><RoundedNumericAmount>70685795</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="AsOf2012-08-31" UnitID="usd"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>68269176</NumericAmount><RoundedNumericAmount>68269176</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregated carrying amounts of obligations as of the balance sheet date, excluding long-term debt, incurred as part of the normal operations that are expected to be paid after one year or beyond the normal operating cycle, if longer. Alternate captions include Total Deferred Credits and Other Liabilities.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Liabilities, Other than Long-term Debt, Noncurrent</Label></Row><Row FlagID="0"><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_ReductionInTapsPercentage</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.50</NumericAmount><RoundedNumericAmount>0.50</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>ReductionInTapsPercentage</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Reduction In Taps Percentage</Label></Row><Row FlagID="0"><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_PercentageOfNetRevenues</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.269</NumericAmount><RoundedNumericAmount>0.269</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>PercentageOfNetRevenues</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Percentage of Net Revenues</Label></Row><Row FlagID="0"><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_TapParticipationFeeInterest</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-05-31" UnitID="usd"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>25100000</NumericAmount><RoundedNumericAmount>25100000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>TapParticipationFeeInterest</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Tap Participation Fee, Interest</Label></Row><Row FlagID="0"><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_EstimatedProceedsFromSaleOfWaterTaps</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID="usd"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>120600000</NumericAmount><RoundedNumericAmount>120600000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The estimated proceeds from the sale of water taps.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Estimated proceeds from sale of water taps</Label></Row><Row FlagID="0"><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID="usd"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>7500000</NumericAmount><RoundedNumericAmount>7500000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The increase in estimated proceeds from the sale of water taps.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Increase in estimated proceeds from sale of water taps</Label></Row><Row FlagID="0"><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_ImpliedInterestRate</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.053</NumericAmount><RoundedNumericAmount>0.053</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>The implied interest rate relating to the sale of water taps.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Implied interest rate</Label></Row><Row FlagID="0"><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_IncreaseInImpliedInterestRate</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.010</NumericAmount><RoundedNumericAmount>0.010</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>The increase in the implied interest rate relating to the sale of water taps.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Increase in implied interest rate</Label></Row><Row FlagID="0"><Id>16</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-05-31" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>60</NumericAmount><RoundedNumericAmount>60</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>The number of properties subject to outstanding promissory notes.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of properties subject to outstanding promissory notes</Label></Row><Row FlagID="0"><Id>17</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_NumberOfProperties</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-05-31" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>80</NumericAmount><RoundedNumericAmount>80</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>The number of properties.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of properties</Label></Row><Row FlagID="0"><Id>18</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_NumberOfAcres</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-05-31" UnitID="acre"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>14000</NumericAmount><RoundedNumericAmount>14000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:areaItemType</ElementDataType><SimpleDataType>decimal</SimpleDataType><ElementDefenition>NumberOfAcres</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>256</UnitID><Label>Number of Acres (in Acres)</Label></Row><Row FlagID="0"><Id>19</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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</LabelSeparator><Level>4</Level><ElementName>pcyo_NotesPayableBeingNegotiatedForPurchase</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-05-31" UnitID="usd"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2700000</NumericAmount><RoundedNumericAmount>2700000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The carrying amount of notes payable being negotiated for purchase.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Notes payable being negotiated for purchase</Label></Row><Row FlagID="0"><Id>28</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_OfficeSpace</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID="Sqft"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1200</NumericAmount><RoundedNumericAmount>1200</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:areaItemType</ElementDataType><SimpleDataType>decimal</SimpleDataType><ElementDefenition>The square footage of office space.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>256</UnitID><Label>Office space</Label></Row><Row FlagID="0"><Id>29</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>0</Level><ElementName /><ElementPrefix /><IsBaseElement>true</IsBaseElement><BalanceType /><PeriodType /><IsReportTitle>false</IsReportTitle><IsSegmentTitle>true</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><OriginalInstanceReportColumn FlagID="0"><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>From2012-09-01to2013-05-31_MaximumMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2012-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-05-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Maximum</ValueName><ValueType>us-gaap_RangeAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_MaximumMember</Id><dimensionId>us-gaap_RangeAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>pure</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>pure</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="us-gaap_RangeAxis:us-gaap_MaximumMember" Id="0" Label="Maximum" /><Label Key="Calendar" Id="1" Label="9/1/2012 - 5/31/2013" /></Labels></OriginalInstanceReportColumn><ElementDataType>na</ElementDataType><SimpleDataType>na</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Maximum</Label></Row><Row FlagID="0"><Id>30</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_WaterTaps</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c56_AsOf28Feb2013_MaximumMember" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>40000</NumericAmount><RoundedNumericAmount>40000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:decimalItemType</ElementDataType><SimpleDataType>decimal</SimpleDataType><ElementDefenition>WaterTaps</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Water Taps</Label></Row><Row FlagID="0"><Id>31</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_TapParticipationFeePercentage</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31_MaximumMember" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.20</NumericAmount><RoundedNumericAmount>0.20</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>TapParticipationFeePercentage</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Tap Participation Fee Percentage</Label></Row><Row FlagID="0"><Id>32</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>0</Level><ElementName /><ElementPrefix /><IsBaseElement>true</IsBaseElement><BalanceType /><PeriodType /><IsReportTitle>false</IsReportTitle><IsSegmentTitle>true</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><OriginalInstanceReportColumn FlagID="0"><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>From2012-09-01to2013-05-31_MinimumMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2012-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-05-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Minimum</ValueName><ValueType>us-gaap_RangeAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_MinimumMember</Id><dimensionId>us-gaap_RangeAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>pure</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>pure</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="us-gaap_RangeAxis:us-gaap_MinimumMember" Id="0" Label="Minimum" /><Label Key="Calendar" Id="1" Label="9/1/2012 - 5/31/2013" /></Labels></OriginalInstanceReportColumn><ElementDataType>na</ElementDataType><SimpleDataType>na</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Minimum</Label></Row><Row FlagID="0"><Id>33</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>pcyo_WaterTaps</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c57_AsOf28Feb2013_MinimumMember" UnitID="pure"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>19427</NumericAmount><RoundedNumericAmount>19427</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:decimalItemType</ElementDataType><SimpleDataType>decimal</SimpleDataType><ElementDefenition>WaterTaps</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Water Taps</Label></Row><Row FlagID="0"><Id>34</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
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          <div style="width: 200px;"><strong>Fair Value Measurements (Tables)<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>May 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_FairValueMeasurementsTablesAbstract', window );"><strong>Fair Value Measurements Tables</strong></a></td>
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of May 31, 2013:</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">&#160;</font></div>

<div style="text-align: left">
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<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="10" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">Fair Value Measurement Using</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Cost / Other</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Quoted Prices in Active Markets for Identical Assets</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Significant Other Observable Inputs</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Significant Unobservable Inputs</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total Unrealized</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Fair Value</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Value</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">(Level&#160;1)</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">(Level&#160;2)</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">(Level&#160;3)</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Gain</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 34%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Tap Participation Fee liability</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">70,685,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">70,685,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">70,685,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td></tr></table></div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock', window );">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman">Although not required, the Company deems the following table, which presents the changes in the Tap Participation Fee for the nine months ended May 31, 2013, to be helpful to the users of its consolidated financial statements:</font></div>

<div style="text-indent: 0pt; display: block"></div><div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="10" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Fair Value Measurement using Significant Unobservable Inputs (Level 3)</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Gross Estimated Tap Participation Fee Liability</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Tap Participation Fee Reported Liability</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Discount - to be imputed as interest expense in future periods</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 46%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Balance at August 31, 2012</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">112,958,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">68,269,200</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">44,688,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 46%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total gains and losses (realized and unrealized):</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 46%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Imputed interest recorded as &#8220;Other Expense&#8221;</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">2,416,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">(2,416,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 46%; padding-bottom: 2px">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Transfers in and/or out of Level 3</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Balance at May 31, 2013</font></div>
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<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">112,958,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">70,685,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">42,272,200</font></td>
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<html>
  <head>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EVE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Segment Information (Details Narrative)<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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      <tr>
        <th class="th">
          <div>May 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_SegmentInformationDetailsNarrativeAbstract', window );"><strong>Segment Information Details Narrative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfOperatingSegments', window );">Number of Operating Segments</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_SegmentInformationDetailsNarrativeAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NumberOfOperatingSegments</nobr></td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EUTAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Investments in Water, Water Systems, Land and Improvements (Detail Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
        <th class="th" colspan="1"></th>
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      <tr>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>acre</div>
        </th>
        <th class="th">
          <div>May 31, 2012</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>acre</div>
        </th>
        <th class="th">
          <div>May 31, 2012</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depletion', window );">Depletion</a></td>
        <td class="nump">$ 100<span></span></td>
        <td class="nump">$ 100<span></span></td>
        <td class="nump">$ 300<span></span></td>
        <td class="nump">$ 300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation, total</a></td>
        <td class="nump">77,600<span></span></td>
        <td class="nump">77,600<span></span></td>
        <td class="nump">231,500<span></span></td>
        <td class="nump">230,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfFLCCShares', window );">Number of FLCC Shares</a></td>
        <td class="nump">16,882<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">16,882<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_AcresOfLandToBeSold', window );">Acres of land to be sold</a></td>
        <td class="nump">1,471<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,471<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLived', window );">Assets Held-for-sale, Long Lived</a></td>
        <td class="nump">$ 5,748,630<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 5,748,630<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 5,748,630<span></span></td>
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      <tr class="rh">
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          <div class="a">Rangeview Water Supply And Water System</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfFLCCShares', window );">Number of FLCC Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,397<span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of acres of land to be sold.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_AcresOfLandToBeSold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfFLCCShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>NumberOfFLCCShares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NumberOfFLCCShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleLongLived">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Long-lived assets that are held for sale apart from normal operations and anticipated to be sold in less than one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1107-107759<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsHeldForSaleLongLived</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depletion">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncash expense charged against earnings to recognize the consumption of natural resources.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Depletion</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Depreciation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERMAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair Value Measurements (Details 1) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Discount To Be Imputed As Interest Expense In Future Periods</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue', window );">Balance, beginning</a></td>
        <td class="nump">$ 112,958,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1', window );">Total gains and losses (realized and unrealized)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ImputedInterestExpense', window );">Imputed interest recorded as "Other Expense"</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet', window );">Transfers in and/or out of Level 3</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue', window );">Balance, ending</a></td>
        <td class="nump">112,958,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Tap Participation Fee Report Liability</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue', window );">Balance, beginning</a></td>
        <td class="nump">68,269,200<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1', window );">Total gains and losses (realized and unrealized)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ImputedInterestExpense', window );">Imputed interest recorded as "Other Expense"</a></td>
        <td class="nump">2,416,600<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet', window );">Transfers in and/or out of Level 3</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue', window );">Balance, ending</a></td>
        <td class="nump">70,685,800<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Gross Estimated Tap Participation Fee Liability</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue', window );">Balance, beginning</a></td>
        <td class="nump">44,688,800<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1', window );">Total gains and losses (realized and unrealized)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ImputedInterestExpense', window );">Imputed interest recorded as "Other Expense"</a></td>
        <td class="num">(2,416,600)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet', window );">Transfers in and/or out of Level 3</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue', window );">Balance, ending</a></td>
        <td class="nump">$ 42,272,200<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ImputedInterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>ImputedInterestExpense</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_ImputedInterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of gain (loss) recognized in the income statement for financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of transfer of financial instrument classified as an asset into (out of) level 3 of the fair value hierarchy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EXGAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Related Party Transactions (Details Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>May 31, 2012</div>
        </th>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>May 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionsDetailsNarrativeAbstract', window );"><strong>Related Party Transactions Details Narrative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAmountsOfTransaction', window );">Related Party Transaction, Amounts of Transaction</a></td>
        <td class="nump">$ 50,000<span></span></td>
        <td class="nump">$ 7,000<span></span></td>
        <td class="nump">$ 89,500<span></span></td>
        <td class="nump">$ 39,700<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedParties', window );">Due from Related Parties</a></td>
        <td class="nump">250,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">250,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2.00%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionRate', window );">Related Party Transaction, Rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5.25%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableRelatedParties', window );">Notes Receivable, Related Parties</a></td>
        <td class="nump">552,900<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">552,900<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DueFromRelatedPartiesPrincipal', window );">Due from Related Parties, Principal</a></td>
        <td class="nump">229,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">229,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DueFromRelatedPartiesInterest', window );">Due from Related Parties, Interest</a></td>
        <td class="nump">$ 323,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 323,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>DueFromRelatedPartiesInterest</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>debit</td>
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                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>DueFromRelatedPartiesPrincipal</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><nobr>pcyo_DueFromRelatedPartiesPrincipal</nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RelatedPartyTransactionsDetailsNarrativeAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>num:percentItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedParties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 3<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.10(3))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueFromRelatedParties</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, amounts due from parties associated with the reporting entity as evidenced by a written promise to pay.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 3<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Related Parties<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16382449<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesReceivableRelatedParties</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of transactions with related party during the financial reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionAmountsOfTransaction</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Identify the stated interest rate per the agreement, for example, leasing and debt arrangements between related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionRate</nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DESCRIPTION>IDEA: Investments in Water, Water Systems, Land and Improvements (Tables)
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_PropertyPlantAndEquipmentTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company&amp;#8217;s water, water systems, land and improvements consist of the following costs and accumulated depreciation and depletion at May 31, 2013 and August 31, 2012:&lt;/font&gt;&lt;/div&gt;

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&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;May 31, 2013&lt;/font&gt;&lt;/div&gt;
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&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;August 31, 2012&lt;/font&gt;&lt;/div&gt;
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&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Accumulated Depreciation and Depletion&lt;/font&gt;&lt;/div&gt;
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&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Accumulated Depreciation and Depletion&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Arkansas River Valley assets&lt;/font&gt;&lt;/div&gt;
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&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
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&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(1,444,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;69,112,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(1,315,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Rangeview water supply&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;14,667,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(7,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;14,376,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(7,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Sky Ranch water rights and other costs&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,930,500&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(72,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,924,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(50,800&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fairgrounds water and water system&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,899,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(600,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,899,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(534,500&lt;/font&gt;&lt;/td&gt;
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&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Rangeview water system&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;167,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(71,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;167,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(67,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Water supply &amp;#8211; other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;26,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(21,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;25,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(19,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Totals&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;90,804,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(2,218,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;90,505,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(1,995,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="vertical-align: bottom; width: 36%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Net investments in water and water systems&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;88,586,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;88,510,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Sky Ranch land and improvements, net&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,770,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,778,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total net investments in water, water systems, land and improvements&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;92,356,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
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                <p>Amount of other increase (decrease) in additional paid in capital (APIC).</p>
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                <p>The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities.</p>
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                <p>Amount of interest payable on debt, including, but not limited to, trade payables.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EQFAE">
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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                <p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Unrecognized cost of unvested share-based compensation awards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (d)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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<DESCRIPTION>IDEA: Long-Term Obligations and Operating Lease
<TEXT>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 4 &amp;#8211; LONG-TERM OBLIGATIONS AND OPERATING LEASE&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Participating Interests in Export Water Supply and the Tap Participation Fee payable to HP A&amp;#38;M are obligations of the Company that have no scheduled maturity dates. Therefore, these liabilities are not disclosed in tabular format, but they are described below.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Participating Interests in Export Water Supply&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company acquired its Rangeview Water Supply through various amended agreements entered into in the early 1990&amp;#8217;s. The acquisition was consummated with the signing of the CAA in 1996. Upon entering into the CAA, the Company recorded an initial liability of $11.1 million, which represented the cash the Company received from the participating interest holders that was used to purchase the Company&amp;#8217;s Export Water (described in greater detail in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report). The Company agreed to remit a total of $31.8 million of proceeds received from the sale of Export Water to the participating interest holders in return for their initial $11.1 million investments. The obligation for the $11.1 million was recorded as debt, and the remaining $20.7 million contingent liability was not reflected on the Company&amp;#8217;s balance sheet because the obligation to pay this is contingent on the sale of Export Water, the amounts and timing of which are not reasonably determinable.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The CAA obligation is non-interest bearing, and if the Export Water is not sold, the parties to the CAA have no recourse against the Company. If the Company does not sell the Export Water, the holders of the Series B Preferred Stock are also not entitled to payment of any dividend and have no contractual recourse against the Company.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As the proceeds from the sale of Export Water are received and the amounts are remitted to the external CAA holders, the Company allocates a ratable percentage of this payment to the principal portion (the Participating Interests in Export Water Supply&lt;font style="font-style: italic; display: inline"&gt;&amp;#160;&lt;/font&gt;liability account) with the balance of the payment being charged to the contingent obligation portion. Because the original recorded liability, which was $11.1 million, was 35% of the original total liability of $31.8 million, 35% of each payment remitted to the CAA holders is allocated to the recorded liability account. The remaining portion of each payment, or 65%, is allocated to the contingent obligation, which is recorded on a net revenue basis.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;In fiscal years 2007 and 2008, in order to reduce the long term impact of the CAA, the Company repurchased various portions of the CAA obligations in priority. The Company did not make any CAA acquisitions during the three or nine months ended May 31, 2013 and 2012. As a result of the acquisitions, and due to the sale of Export Water, as detailed in the table below, the remaining potential third party obligation at May 31, 2013, is $3.4 million:&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
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&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Initial Export Water Proceeds to Pure Cycle&lt;/font&gt;&lt;/div&gt;
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&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total Potential Third party Obligation&lt;/font&gt;&lt;/div&gt;
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&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;
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&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Contingency&lt;/font&gt;&lt;/div&gt;
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&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Original balances&lt;/font&gt;&lt;/div&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8211;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;218,500&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;31,807,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;11,090,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;20,717,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td colspan="4" style="text-align: left; vertical-align: bottom"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="font: italic 10pt times new roman; display: inline"&gt;Activity from inception until August 31, 2012:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="font: italic 10pt times new roman; display: inline"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Acquisitions&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8211;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;28,077,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(28,077,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(9,790,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(18,287,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Option payments - Sky Ranch &lt;/font&gt;and The Hills at Sky Ranch&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;110,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(42,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(68,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(23,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(44,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Arapahoe County tap fees *&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;533,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(373,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(159,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(55,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(104,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Export Water sale payments&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;111,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(77,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(33,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(12,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(21,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at August 31, 2012&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;754,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;27,802,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,468,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1,208,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,259,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="font: italic 10pt times new roman; display: inline"&gt;Fiscal 2013 activity:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Export Water sale payments&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;158,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(110,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(47,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(16,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(30,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 4px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at May 31, 2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;912,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;27,692,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,421,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1,192,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,229,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160;* The Arapahoe County tap fees are less $34,522 in royalties paid to the Land Board.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;

&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;/div&gt;


&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The CAA includes contractually established priorities which call for payments to CAA holders in order of their priority. This means the first three payees receive their full payment before the next priority level receives any payment and so on until full repayment. The Company will receive $5.1 million of the first priority payout (the remaining entire first priority payout totals $7.3 million as of May 31, 2013).&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Arkansas River Agreement Obligations&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;The
Tap Participation Fee. &lt;/font&gt;The $70.7 million Tap Participation Fee liability at May 31, 2013, represents the estimated
discounted fair value of the Company&amp;#8217;s obligation to pay HP A&amp;#38;M 20% of the Company&amp;#8217;s gross proceeds, or the
equivalent thereof, from the sale of the next 19,427 water taps sold by the Company. Initially the obligation was to pay 10%
of the Company&amp;#8217;s gross proceeds, or the equivalent thereof, from the sale of 40,000 water taps sold after the date of
the Arkansas River Agreement. The 40,000 water taps were reduced to 19,427 water taps as a result of (i) sales of Arkansas
River Valley land in 2006 and 2009, (ii) the sale of unutilized water rights owned by the Company in the Arkansas River
Valley in 2007, (iii) the election made by HP A&amp;#38;M, effective September 1, 2011, pursuant to the Arkansas River Agreement,
to increase the Tap Participation Fee percentage from 10% to 20%, and to take a corresponding 50% reduction in the number of
taps subject to the Tap Participation Fee, and (iv) the allocation of 26.9% of the Net Revenues (defined as all lease and
related income received from the farms less employee expenses, direct expenses for managing the leases and a reasonable
overhead allocation) received by HP A&amp;#38;M from management of the farm leasing operations from September 1, 2011 to August
3, 3012 prior to termination of the Property Management Agreement.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The fair value of the Tap Participation Fee liability is an estimate prepared by management of the Company. The fair value of the liability is based on discounted estimated cash flows subject to the Tap Participation Fee calculated by projecting future annual water tap sales for the number of taps subject to the Tap Participation Fee at the date of valuation. Future cash flows from water tap sales are estimated by utilizing the following historical information, where available:&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 18pt"&gt;
&lt;div&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 18pt"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-family: Symbol, Symbol, serif; display: inline"&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div style="text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;New homes constructed in the area known as the 11-county &amp;#8220;Front Range&amp;#8221; of Colorado from the 1980&amp;#8217;s through the valuation date. The Company utilized data for this length of time to provide development information over many economic cycles because the Company anticipates development in its targeted service area to encompass many economic cycles over the development period.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 18pt"&gt;
&lt;div&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 18pt"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-family: Symbol, Symbol, serif; display: inline"&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div style="text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;New home construction patterns for large master planned housing developments along the Front Range. The Company utilized this information because these developments are deemed comparable to projects anticipated to be constructed in the Company&amp;#8217;s targeted service area (i.e. these master planned communities were located in predominately undeveloped areas on the outskirts of the Front Range).&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 18pt"&gt;
&lt;div&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 18pt"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-family: Symbol, Symbol, serif; display: inline"&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div style="text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Population growth rates for Colorado and the Front Range. Population growth rates were utilized to predict anticipated growth along the Front Range, which was used to predict an estimated number of new homes necessary to house the increased population.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div&gt;
&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 18pt"&gt;
&lt;div&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160; &lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="width: 18pt"&gt;
&lt;div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-family: Symbol, Symbol, serif; display: inline"&gt;&amp;#183;&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div style="text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Consumer Price Index since the 1980&amp;#8217;s, which was utilized to project estimated future water tap fees.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Utilizing
this historical information, the Company projected an estimated new home development pattern in its targeted service
area sufficient to cover the sale of the water taps subject to the Tap Participation Fee at the date of the revaluation,
which was September 1, 2011. The estimated proceeds generated from the sale of those water taps resulted in estimated
payments to HP A&amp;#38;M over the life of the projected development period of $120.6 million, which is an increase of $7.5
million from the previous valuation completed in fiscal 2009. The estimated payments to HP A&amp;#38;M are then discounted to the
current valuation date and the difference between the amount reflected on the Company&amp;#8217;s balance sheet at the valuation
date and the total estimated payments is imputed as interest expense over the estimated development time using the effective
interest method. The implied interest rate for the most recent valuation was 5.3% which was a 1.0% decrease from the prior
valuation completed in fiscal 2009. Based on review of the underlying assumptions used in the September 1, 2011 Tap
Participation Fee valuation there have not been any material changes to these assumptions and therefore no revaluation of the
Tap Participation Fee is deemed necessary.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&amp;#160;&amp;#160;&lt;/div&gt;


&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Actual new home development in the Company&amp;#8217;s service area and actual future tap fees inevitably will vary significantly from the Company&amp;#8217;s estimates, which could have a material impact on the Company&amp;#8217;s consolidated financial statements. An important component in the Company&amp;#8217;s estimate of the value of the Tap Participation Fee, which is based on historical trends, is that the Company reasonably expects water tap fees to continue to increase in the coming years. Tap fees are market based and the continued increase in tap fees reflects, among other things, the increasing costs to acquire and develop new water supplies. Tap fees thus are partially indicative of the increasing value of the Company&amp;#8217;s water assets. The Company continues to assess the value of the Tap Participation Fee liability and updates its valuation analysis whenever events or circumstances indicate the assumptions used to estimate the value of the liability have changed materially. The difference between the net present value and the estimated realizable value will be imputed as interest expense using the effective interest method over the estimated development period utilized in the valuation of the Tap Participation Fee.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The $70.7 million balance at May 31, 2013, includes $25.1 million of interest which has been imputed since the acquisition date, recorded using the effective interest method. Payment of the Tap Participation Fee may be accelerated in the event of a merger, reorganization, sale of substantially all assets, or similar transactions and in the event of bankruptcy and insolvency events.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Promissory Notes Payable by HP A&amp;#38;M in Default. &lt;/font&gt;60 of the 80 properties the Company originally acquired from HP A&amp;#38;M are subject to outstanding promissory notes payable to third parties that are secured by deeds of trust on the Company&amp;#8217;s properties and water rights, as well as mineral interests. HP A&amp;#38;M has now defaulted on all of the promissory notes and informed the Company that it does not intend to pay any of the amounts owed. HP A&amp;#38;M owed approximately $9.6 million of principal and accrued interest at the time of default. These promissory notes are secured by approximately 14,000 acres of land and 16,882 FLCC shares representing water rights owned by the Company.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;On July 2, 2012, the Company formally notified HP A&amp;#38;M that its failure to pay the promissory notes constituted an Event of Default under the Seller Pledge Agreement (as defined below) and a default of a material covenant under the Arkansas River Agreement. The Company informed HP A&amp;#38;M that unless such defaults were cured within thirty days, the Property Management Agreement would be terminated and the Company would proceed to exercise certain rights and remedies under the Arkansas River Agreement, the Seller Pledge Agreement, and the Property Management Agreement to protect its assets. The Company&amp;#8217;s remedies at law and under the Arkansas River Agreement and related agreements include, but are not limited to, the right to (i) foreclose on 1,500,000&amp;#160;shares of Pure Cycle common stock issued to HP A&amp;#38;M and the proceeds therefrom (the &amp;#8220;Pledged Shares&amp;#8221;) which were pledged by HP A&amp;#38;M pursuant to a pledge agreement (the &amp;#8220;Seller Pledge Agreement&amp;#8221;) to secure the payment and performance by HP A&amp;#38;M of the promissory notes described above; (ii) reduce the Tap Participation Fee; (iii) terminate the Property Management Agreement; and (iv) recover damages caused by the defaults, including certain costs and attorneys&amp;#8217; fees.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;On August 3, 2012, the Company formally terminated the Property Management Agreement. On September 27, 2012, the Pledged Shares were sold at auction in a foreclosure sale for $2.35 per share, yielding approximately $3.42 million of proceeds to the Company (net of fees of $110,000). Pursuant to the Arkansas River Agreement, the Company may be entitled to reduce the Tap Participation Fee and recover damages caused by the defaults, including certain costs and attorney&amp;#8217;s fees. The Company intends to pursue such remedies over the next 12 months.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;To protect its land and water interests, during the nine months ended May 31, 2013, the Company purchased approximately $6.9 million of the $9.6 million notes payable by HP A&amp;#38;M and is negotiating the purchase of the remaining $2.7 million with the holders. HP A&amp;#38;M continues to be liable for making the required payments on the notes, and the Company is pursuing remedies to recover the costs and expenses, including reasonable attorneys&amp;#8217; fees, incurred by the Company in protecting the rights and title to the land and water rights securing the notes payable by HP A&amp;#38;M, including the costs incurred in purchasing the notes defaulted on by HP A&amp;#38;M. The amount owed on the outstanding notes was approximately $6.6 million and $9.6 million at May 31, 2013 and August 31, 2012, respectively.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;&lt;font style="display: inline; text-decoration: underline"&gt;Operating Lease&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;

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&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Effective December 18, 2012, the Company entered into an operating lease for 1,200 square feet of office space. The lease has a two year term with payments of $1,540 per month.&lt;/font&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Long-Term Obligations and Operating Lease</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Long-Term Obligations and Operating Lease</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://purecyclewater.com/role/Note000</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows></InstanceReport>
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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company sells wholesale water and wastewater services to the District pursuant to the Rangeview Water Agreements (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report). Sales to the District accounted for 36% and 57% of the Company&amp;#8217;s total water and wastewater revenues for the three months ended May 31, 2013 and 2012, respectively. Sales to the District accounted for 41% and 79% of the Company&amp;#8217;s water and wastewater revenues for the nine months ended May 31, 2013 and 2012, respectively. The District has one significant customer. Pursuant to the Rangeview Water Agreements the Company is providing water and wastewater services to this customer on behalf of the District. The District&amp;#8217;s significant customer accounted for 31% and 37% of the Company&amp;#8217;s total water and wastewater revenues for the three months ended May 31, 2013 and 2012, respectively. The District&amp;#8217;s significant customer accounted for 35% and 49% of the Company&amp;#8217;s water and wastewater revenues for the nine months ended May 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EBWAE">
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          <div style="width: 200px;"><strong>Fair Value Measurements (Details) (USD $)<br></strong></div>
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          <div>May 31, 2013</div>
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          <div>Aug. 31, 2012</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Tap Participation Fee liability</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fair Value, Inputs, Level 2</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Tap Participation Fee liability</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fair Value, Inputs, Level 3</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Tap Participation Fee liability</a></td>
        <td class="nump">70,685,800<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fair Value</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Tap Participation Fee liability</a></td>
        <td class="nump">70,685,800<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cost/Other Value</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Tap Participation Fee liability</a></td>
        <td class="nump">70,685,800<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Total Unrealized Gain</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Tap Participation Fee liability</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregated carrying amounts of obligations as of the balance sheet date, excluding long-term debt, incurred as part of the normal operations that are expected to be paid after one year or beyond the normal operating cycle, if longer. Alternate captions include Total Deferred Credits and Other Liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Presentation of Interim Information<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PresentationOfInterimInformationAbstract', window );"><strong>Presentation Of Interim Information</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock', window );">Presentation of Interim Information</a></td>
        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 1 &#8211; PRESENTATION OF INTERIM INFORMATION</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The May 31, 2013 consolidated balance sheet, the consolidated statements of comprehensive loss for the three and nine months ended May 31, 2013 and 2012, respectively and the consolidated statements of cash flows for the nine months ended May 31, 2013 and 2012, respectively, have been prepared by Pure Cycle Corporation (the &#8220;Company&#8221;) and have not been audited. In the opinion of management, all adjustments necessary to present fairly the financial position, results of operations and cash flows at May 31, 2013, and for all periods presented have been made appropriately.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2012 Annual Report on Form 10-K (the &#8220;2012 Annual Report&#8221;) filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on November 28, 2012. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year. The August 31, 2012 balance sheet was derived directly from the Company&#8217;s audited financial statements.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Use of Estimates</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Cash and Cash Equivalents</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&#8217;s cash equivalents are comprised entirely of money market funds maintained at a high quality financial institution in an account which at various times during the three and nine months ended May 31, 2013, exceeded federally insured limits. At various times during the three and nine months ended May 31, 2013, the Company&#8217;s main operating account exceeded federally insured limits.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Financial Instruments &#8211; Concentration of Credit Risk and Fair Value</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and marketable securities. The Company places its cash equivalents and investments with high quality financial institutions. The Company invests its cash primarily in certificates of deposits, money market instruments, and U.S. government treasury obligations. To date, the Company has not experienced significant losses on any of these investments.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Current Assets and Liabilities &#8211; </font>The amounts reported on the balance sheets for cash and cash equivalents, trade receivables, and trade payables approximate their fair values because of the short maturity of these instruments.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The
amounts reported on the balance sheets for marketable securities represent the fair values of the underlying instruments
as reported by the financial institutions where the funds are held as of August 31, 2012. The Company has recorded
an accumulated net unrealized loss on its marketable securities of $1,081 as of August 31, 2012. The unrealized loss was
the result of changes in interest rates in the market. As of May 31, 2013, the Company is not holding any marketable
securities in an effort to create liquidity while the Company is in the process of curing the defaults by High Plains
A&#38;M, LLC (&#8220;HP A&#38;M&#8221;).</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Notes Receivable and Construction Proceeds Receivable &#8211; </font>The amounts reported on the balance sheets for notes receivable and construction proceeds receivable approximate fair value as they bear interest at rates which are comparable to current market rates.</font></div>

<div style="text-indent: 0pt; display: block">&#160;&#160;</div>


<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The fair value of the Note Receivable &#8211; related party Rangeview Metropolitan District (the &#8220;District&#8221;) is not practical to estimate due to the related party nature of the underlying transaction.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Receivable from HP A&#38;M &#8211; </font>As described in Note 4 &#8211; <font style="font-style: italic; display: inline">Long-Term Obligations and Operating Lease</font> below, HP A&#38;M defaulted on certain promissory notes payable to third parties which are secured by real property and water rights owned by the Company. To protect its property and water rights, the Company has purchased certain of the HP A&#38;M notes. The Company has the right to recover from HP A&#38;M all costs and expenses, including reasonable attorneys&#8217; fees, incurred by the Company in curing the defaulted notes and in protecting its right and title to the property and water rights securing the notes. The Company has recorded the entire amount of the HP A&#38;M notes purchased by the Company and the value of remaining notes the Company is currently negotiating to purchase as a receivable from HP A&#38;M net of the $3.4 million in proceeds received from the sale of 1.5 million shares of the Company&#8217;s Common Stock held as pledged assets. The short term portion of the receivable represents the amount of the defaulted promissory notes payable by HP A&#38;M which were purchased by the Company as of May 31, 2013, due within the next 12 months. The carrying value of the accounts receivable approximate the fair value as the rates are comparable to market rates.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Long-term Financial Liabilities</font><font style="display: inline; font-weight: bold"> &#8211; </font>The Comprehensive Amendment Agreement No. 1 (the &#8220;CAA&#8221; as further described in Note 4 &#8211;<font style="font-style: italic; display: inline"> Long-Term Obligations and Operating Lease</font> below) is comprised of a recorded balance and an off-balance sheet or &#8220;contingent&#8221; obligation associated with the Company&#8217;s acquisition of its &#8220;Rangeview Water Supply&#8221; (defined in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets </font>to the 2012 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &#8220;Export Water&#8221; (defined in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report). Because of the uncertainty of the sale of&#160;&#160;Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The recorded balance of the &#8220;Tap Participation Fee&#8221; liability (as described below and in Note 4 -<font style="font-style: italic; display: inline"> Long-Term Obligations and Operating Lease</font> below) is its estimated fair value determined by projecting new home development in the Company&#8217;s targeted service area over an estimated development period.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Notes Payable &#8211; </font>As of May 31, 2013, the Company has acquired approximately $6.9 million of the $9.6 million of promissory notes that are payable by HP A&#38;M to third parties. These promissory notes were acquired with cash payments of approximately $1.4 million and the issuance of approximately $5.6 million of notes by the Company, the majority of which have a five-year term, bear interest at an annual rate of five percent (5%), and require semi-annual payments with a straight-line amortization schedule. The carrying value of the notes payable approximate the fair value as the rates are comparable to market rates.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; font-weight: bold; text-decoration: underline">Tap Participation Fee</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">This note should be read in conjunction with Note 4 &#8211; <font style="font-style: italic; display: inline">Long-Term Obligations and Operating Lease</font> below.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">Pursuant to the Asset Purchase Agreement (the &#8220;Arkansas River Agreement&#8221;) dated May 10, 2006, the Company is obligated to pay HP A&#38;M a defined percentage of a defined number of water tap fees the Company receives after the date of the Arkansas River Agreement. A Tap Participation Fee is due and payable once the Company has sold a water tap and received the consideration due for such water tap. The Company did not sell any water taps during the three or nine months ended May 31, 2013 or 2012.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">The Company imputes interest expense on the unpaid Tap Participation Fee using the effective interest method over an estimated period which is utilized in the valuation of the liability. The Company imputed interest of $871,900 and $873,000 during the three months ended May 31, 2013 and 2012, respectively. The Company imputed interest of $2,416,600 and $2,586,800 during the nine months ended May 31, 2013 and 2012, respectively.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">At May 31, 2013, there remain 19,427 water taps subject to the Tap Participation Fee.</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Revenue Recognition</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="font: 10pt Times New Roman"><b><i>Tap
and Construction Fees </i></b>&#8211; In August 2005, the Company entered into the Water Service Agreement (the &#8220;County
Agreement&#8221;) with Arapahoe County (the &#8220;County&#8221;). In fiscal 2006, the Company began recognizing water tap fees
as revenue ratably over the estimated service period upon completion of the &#8220;Wholesale Facilities&#8221; (defined in the
2012 Annual Report) constructed to provide service to the County. The Company recognized $3,600 of water tap fee revenues during
each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $10,700 of water tap fee revenues during
each of the nine months ended May 31, 2013 and 2012, respectively. The water tap fees to be recognized over this period are net
of the royalty payments to the State of Colorado Board of Land Commissioners (the &#8220;Land Board&#8221;) and amounts paid to
third parties pursuant to the CAA as further described in Note 4 &#8211;<i> Long-Term Obligations and Operating Lease</i> below.</font></div>

<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>


<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company recognized $10,400 of &#8220;Special Facilities&#8221; (defined in the 2012 Annual Report) funding as revenue during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $31,100 of Special Facilities funding as revenue during each of the nine months ended May 31, 2013 and 2012, respectively. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">As of May 31, 2013, the Company has deferred recognition of $1.3 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Farm Operations &#8211; </font>The Company leases its Arkansas River water and land to area farmers who actively farm the properties. Prior to August 3, 2012, pursuant to a property management agreement between HP A&#38;M and the Company (the &#8220;Property Management Agreement&#8221;), HP A&#38;M received a management fee equal to 100% of the income from the land and water leases. As a result, the Company presented its land and water lease income net of the management fees paid to HP A&#38;M. Effective August 3, 2012, the Company terminated the Property Management Agreement due to a default by HP A&#38;M on certain promissory notes secured by deeds of trust on the land and water purchased by the Company from HP A&#38;M in 2006. Effective August 3, 2012, the Company manages the land and water leases and the income from the land and water leases became payable to the Company. Pursuant to the farm lease agreements, the Company bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual water deliveries by the Fort Lyon Canal Company (&#8220;FLCC&#8221;) or are based on crop yields. Subsequent to August 3, 2012, the Company records farm lease income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases. The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as of May 31, 2013, was determined by the Company&#8217;s specific review of all past due accounts. The Company has recorded allowances for doubtful accounts totaling $41,100 and $20,400 as of May 31, 2013 and August 31, 2012, respectively. As of May 31, 2013 the company has recorded deferred revenue of $82,565 on its farm income related to billings for future periods. The Company manages the farm lease business as a separate line of business from the wholesale water and wastewater business.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Royalty and other obligations &#8211;&#160;&#160;</font>Revenues from the sale of Export Water are shown net of royalties payable to the Land Board. Revenues from the sale of water on the &#8220;Lowry Range&#8221; (described in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report) are shown net of the royalties to the Land Board and the amounts retained by the District.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Oil
and Gas Lease Payments &#8211;&#160;&#160;</font>As further described in Note 2 &#8211; <font style="font-style: italic; display: inline">Summary
of Significant Accounting Policies</font>&#160;to the 2012 Annual Report, on March 10, 2011, the Company entered into a
Paid-Up Oil and Gas Lease (the &#8220;O&#38;G Lease&#8221;) and a Surface Use and Damage Agreement (the &#8220;Surface Use
Agreement&#8221;) with Anadarko E&#38;P Company, L.P. (&#8220;Anadarko&#8221;), a wholly owned subsidiary of Anadarko
Petroleum Company. In December of 2012 the O&#38;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips
Company. Pursuant to the O&#38;G Lease, during the year ended August 31, 2011, the Company received up-front payments of
$1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of
mineral estate owned by the Company at its &#8220;Sky Ranch&#8221; property (described in Note 4 &#8211; <font style="font-style: italic; display: inline">Water
Assets</font> to the 2012 Annual Report). The Company began recognizing the up-front payments as income on a straight-line
basis over three years (the initial term of the O&#38;G Lease) on March 10, 2011. During the three months ended May
31, 2013 and 2012, the Company recognized $103,600 and $104,600, respectively, of income and royalty related to the up-front
payments received pursuant to the O&#38;G Lease. During the nine months ended May 31, 2013 and 2012, the Company recognized
$310,900 and $319,400, respectively, of income and royalty related to the up-front payments received pursuant to the O&#38;G
Lease.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">As of May 31, 2013, the Company has deferred recognition of $328,100 of income related to the O&#38;G Lease, which will be recognized into income ratably through February 2014.</font></div>

<div style="text-indent: 0pt; display: block">&#160;</div>


<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets</font></font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Costs to construct water and wastewater systems that meet the Company&#8217;s capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line basis over their estimated useful lives of up to thirty years. The Company capitalizes design and construction costs related to construction activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of its water assets. The Company depletes its groundwater assets that are being utilized on the basis of units produced (i.e. thousands of gallons sold) divided by the total volume of water adjudicated in the water decrees.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Share-based Compensation</font></font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The Company maintains a stock option plan for the benefit of its employees and non-employee directors. The Company records share-based compensation costs as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative transition method for calculating the tax effects of share-based compensation, which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options has no impact on the income tax provisions.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company recognized $19,200 and $2,100 of share-based compensation expense during the three months ended May 31, 2013 and 2012, respectively. During each of the nine months ended May 31, 2013 and 2012, the Company recognized $42,300 of share-based compensation expense.</font></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Income taxes</font></font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The Company uses a "more-likely-than-not" threshold for the recognition and de-recognition of tax positions, including any potential interest and penalties relating to tax positions taken by the Company. The Company did not have any significant unrecognized tax benefits as of May 31, 2013.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal 2010 through fiscal 2012. The Company does not believe there will be any material changes in its unrecognized tax positions over the next twelve months.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At May 31, 2013, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or nine months ended May 31, 2013 and 2012.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Loss per Common Share</font></font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Loss per common share is computed by dividing net loss by the weighted average number of shares outstanding during each period. Common stock options and warrants aggregating 247,600 and 263,100 common share equivalents were outstanding as of May 31, 2013 and 2012, respectively, and have been excluded from the calculation of loss per common share as their effect is anti-dilutive.</font></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><br />
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Recently Issued Accounting Pronouncements</font></font></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company&#8217;s consolidated financial statements properly reflect the change.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">In June 2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2011-05, <font style="font-style: italic; display: inline">Comprehensive Income (Topic 220) &#8211; Presentation of Comprehensive Income</font> (&#8220;ASU 2011-05&#8221;). ASU 2011-05 requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. ASU 2011-05 is effective for fiscal years beginning after December 15, 2011 (September 1, 2012 for the Company). The adoption of ASU 2011-05 did not have a material impact on its results of operations, financial condition or cash flows.</font></div>

<div style="text-indent: 0pt; display: block"></div><div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>


<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">In February 2013, the FASB issued ASU No. 2013-02, <font style="font-style: italic; display: inline">Comprehensive Income (Topic 220) -</font> <font style="font-style: italic; display: inline">Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income</font> (&#8220;ASU 2013-02). ASU 2013-02 finalizes Proposed ASU No. 2012-240, and seeks to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. ASU 2013-02 is effective <font style="display: inline; font-family: Times New Roman">prospectively for reporting periods beginning after December 15, 2012 (September 1, 2013 for the Company). The adoption of ASU 2013-02 will not have a material impact on its results of operations, financial condition or cash flows.</font></font></div><span></span></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>Investments in Water, Water Systems, Land and Improvements<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
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          <div>May 31, 2013</div>
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        <td class="text">&#xA0;<span></span></td>
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 3 &#8211; INVESTMENTS IN WATER, WATER SYSTEMS, LAND AND IMPROVEMENTS</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The Company&#8217;s water rights and current water and wastewater service agreements are more fully described in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report. There have been no significant changes to the Company&#8217;s water rights or water and wastewater service agreements during the three and nine months ended May 31, 2013.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The Company&#8217;s water, water systems, land and improvements consist of the following costs and accumulated depreciation and depletion at May 31, 2013 and August 31, 2012:</font></div>

<div style="text-indent: 0pt; display: block"><br />
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<div style="text-align: left">
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<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">May 31, 2013</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">August 31, 2012</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Costs</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Accumulated Depreciation and Depletion</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Costs</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Accumulated Depreciation and Depletion</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Arkansas River Valley assets</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">69,112,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(1,444,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">69,112,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(1,315,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Rangeview water supply</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">14,667,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(7,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">14,376,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(7,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Sky Ranch water rights and other costs</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">3,930,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(72,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">3,924,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(50,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Fairgrounds water and water system</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">2,899,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(600,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">2,899,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(534,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Rangeview water system</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">167,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(71,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">167,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(67,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Water supply &#8211; other</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">26,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(21,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">25,600</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(19,400</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px">
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<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">90,804,300</font></td>
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<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(2,218,200</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">90,505,700</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(1,995,300</font></td>
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<td style="vertical-align: bottom; width: 36%"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Net investments in water and water systems</font></div>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">88,586,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">88,510,400</font></td>
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<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Sky Ranch land and improvements, net</font></div>
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<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">3,770,600</font></td>
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<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">3,778,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total net investments in water, water systems, land and improvements</font></div>
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<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">92,356,700</font></td>
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<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">92,288,900</font></td>
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<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">Capitalized terms in this section not defined herein are defined in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Depletion and Depreciation. </font>The Company recorded $100 of depletion charges during each of the three month periods ended May 31, 2013 and 2012, respectively. The Company recorded $300 of depletion charges during each of the nine month periods ended May 31, 2013 and 2012. This related entirely to the Rangeview Water Supply. No depletion is taken against the Arkansas River water or Sky Ranch Water Supply because the water located at these locations is not yet being utilized for its intended purpose as of May 31, 2013.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The Company recorded $77,600 of depreciation expense during each of the three months ended May 31, 2013 and 2012. The Company recorded $231,500 and $230,100 of depreciation expense during the nine months ended May 31, 2013 and 2012, respectively.</font></div>

<div style="text-indent: 0pt; display: block"><br />
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Land and Water Shares Held for Sale. </font>During fiscal 2012, management decided to sell certain farms in order to have cash flows sufficient to acquire the notes defaulted upon by HP A&#38;M and to meet the future obligations on the promissory notes the Company issued to purchase the defaulted notes owed by HP A&#38;M. The Company has entered into or is in the process of negotiating agreements to sell 1,471 acres of land along with 3,397 FLCC shares associated with this land. The assets held for sale total $5.7 million, which is the lower of cost or fair value less cost to sell.</font></div><span></span></td>
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                <p>The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.</p>
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        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 6 &#8211; RELATED PARTY TRANSACTIONS</font></div>

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</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="font: 10pt Times New Roman">On
December 16, 2009, the Company entered into a Participation Agreement with the District, whereby the Company agreed to provide
funding to the District in connection with the District joining the South Metro Water Supply Authority (&#8220;SMWSA&#8221;).
During the three months ended May 31, 2013 and 2012, the Company provided $50,000 and $7,000 of funding to the District pursuant
to the Participation Agreement, respectively. During the nine months ended May 31, 2013 and 2012, the Company provided $89,500
and $39,700 of funding to the District pursuant to the Participation Agreement, respectively.&#160;&#160;These amounts were expensed
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>


<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">In 1995, the Company extended a loan to the District, a related party. The loan provided for borrowings of up to $250,000, is unsecured, bears interest based on the prevailing prime rate plus 2% (5.25% at May 31, 2013) and matures on December 31, 2013. The Company intends to extend the maturity date of the loan to December 31, 2014. The $552,900 balance of the note receivable at May 31, 2013, includes borrowings of $229,300 and accrued interest of $323,600.</font></div><span></span></td>
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                <p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company is involved in various claims, litigation and other legal proceedings that arise in the ordinary course of its business. The Company records an accrual for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. The Company makes such estimates based on information known about the claims and experience in contesting, litigating and settling similar claims. Disclosures are also provided for reasonably possible losses that could have a material effect on the Company's financial position, results of operations or cash flows.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As discussed in a Form 8-K filed on December 19, 2011, on that date the Company and the District filed a lawsuit against the State of Colorado by and through the Land Board. The complaint was filed with the District Court, City and County of Denver, State of Colorado. The Company and the District are claiming that the Land Board breached, and will breach, agreements entered into by the Land Board with the Company and the District in connection with a 1996 settlement agreement. Those agreements include (i) the Amended and Restated Water Lease, dated as of April 4, 1996, between the Land Board and the District (the "Lease")&amp;#160;and (ii) the Service Agreement of the same date between the Company and the District. As initially reported in a Current Report on Form 8-K filed on November 29, 2011, the Land Board issued a Request for Proposal that included a draft lease agreement related to oil and gas rights at the Land Board&amp;#8217;s Lowry Range. The Company believes the draft lease agreement did not adequately address or protect the Company&amp;#8217;s exclusive right to provide water to the Lowry Range. The Land Board subsequently entered into an oil and gas lease for the Lowry Range, which, like the draft lease, does not protect the Company&amp;#8217;s exclusive rights. As a result of this breach, the Company and the District are claiming damages to be proven at trial.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Land Board asserted certain counterclaims in the lawsuit described above that relate to operational disputes under the Lease. On June 14, 2013, the Company, the District and the Land Board entered into an Arbitration Agreement pursuant to which the parties have agreed to submit three counterclaims under the Lease to binding arbitration: (i) whether revenue from wastewater services are subject to royalties under the Lease and the appropriate payment for a right-of-way for a wastewater reclamation facility, (ii) whether Export Water royalties are owed on a net or gross proceeds basis, and (iii) if, and/or how water from the four aquifers under the Lowry Range should be blended for sale, as well as any related claims of the Company and the District for offset, credit or overpayment of previous royalties paid and defenses to the three claims. The counterclaims have been dismissed from the lawsuit without prejudice. An arbitrator has not yet been selected, so the timing of resolution of these claims is unknown. Because the arbitration has not proceeded past the agreement stage and the outcome is uncertain, the Company has determined that accruals for losses related to the arbitration are not reasonably estimable or deemed reasonably likely at this time. The Company and the District believe that they have been conducting their operations in accordance with the Lease and are prepared to defend their decisions in the arbitration.&lt;/font&gt;&lt;/div&gt;

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The Participating Interests in Export Water Supply and the Tap Participation Fee payable to HP A&#38;M are obligations of the Company that have no scheduled maturity dates. Therefore, these liabilities are not disclosed in tabular format, but they are described below.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company acquired its Rangeview Water Supply through various amended agreements entered into in the early 1990&#8217;s. The acquisition was consummated with the signing of the CAA in 1996. Upon entering into the CAA, the Company recorded an initial liability of $11.1 million, which represented the cash the Company received from the participating interest holders that was used to purchase the Company&#8217;s Export Water (described in greater detail in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report). The Company agreed to remit a total of $31.8 million of proceeds received from the sale of Export Water to the participating interest holders in return for their initial $11.1 million investments. The obligation for the $11.1 million was recorded as debt, and the remaining $20.7 million contingent liability was not reflected on the Company&#8217;s balance sheet because the obligation to pay this is contingent on the sale of Export Water, the amounts and timing of which are not reasonably determinable.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">In fiscal years 2007 and 2008, in order to reduce the long term impact of the CAA, the Company repurchased various portions of the CAA obligations in priority. The Company did not make any CAA acquisitions during the three or nine months ended May 31, 2013 and 2012. As a result of the acquisitions, and due to the sale of Export Water, as detailed in the table below, the remaining potential third party obligation at May 31, 2013, is $3.4 million:</font></div>

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<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8211;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">218,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">31,807,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">11,090,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">20,717,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td colspan="4" style="text-align: left; vertical-align: bottom">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="font: italic 10pt times new roman; display: inline">Activity from inception until August 31, 2012:</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="font: italic 10pt times new roman; display: inline">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 30%; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Acquisitions</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8211;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">28,077,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(28,077,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(9,790,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(18,287,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 30%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman"><font style="display: inline; font: 10pt times new roman">Option payments - Sky Ranch </font>and The Hills at Sky Ranch</font></div>
</div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">110,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(42,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(68,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(23,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(44,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 30%; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Arapahoe County tap fees *</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">533,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(373,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(159,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(55,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(104,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Export Water sale payments</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">111,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(77,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(33,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(12,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(21,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 30%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Balance at August 31, 2012</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">754,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">27,802,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">3,468,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">1,208,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">2,259,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 30%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="font: italic 10pt times new roman; display: inline">Fiscal 2013 activity:</font></div>
</td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Export Water sale payments</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">158,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(110,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(47,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(16,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(30,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 4px">
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</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">912,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">27,692,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">3,421,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">1,192,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">2,229,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr></table>
</div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">&#160;* The Arapahoe County tap fees are less $34,522 in royalties paid to the Land Board.</font></div>

<div style="text-indent: 0pt; display: block">&#160;</div>

<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"></div>


<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The CAA includes contractually established priorities which call for payments to CAA holders in order of their priority. This means the first three payees receive their full payment before the next priority level receives any payment and so on until full repayment. The Company will receive $5.1 million of the first priority payout (the remaining entire first priority payout totals $7.3 million as of May 31, 2013).</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Arkansas River Agreement Obligations</font></font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">The
Tap Participation Fee. </font>The $70.7 million Tap Participation Fee liability at May 31, 2013, represents the estimated
discounted fair value of the Company&#8217;s obligation to pay HP A&#38;M 20% of the Company&#8217;s gross proceeds, or the
equivalent thereof, from the sale of the next 19,427 water taps sold by the Company. Initially the obligation was to pay 10%
of the Company&#8217;s gross proceeds, or the equivalent thereof, from the sale of 40,000 water taps sold after the date of
the Arkansas River Agreement. The 40,000 water taps were reduced to 19,427 water taps as a result of (i) sales of Arkansas
River Valley land in 2006 and 2009, (ii) the sale of unutilized water rights owned by the Company in the Arkansas River
Valley in 2007, (iii) the election made by HP A&#38;M, effective September 1, 2011, pursuant to the Arkansas River Agreement,
to increase the Tap Participation Fee percentage from 10% to 20%, and to take a corresponding 50% reduction in the number of
taps subject to the Tap Participation Fee, and (iv) the allocation of 26.9% of the Net Revenues (defined as all lease and
related income received from the farms less employee expenses, direct expenses for managing the leases and a reasonable
overhead allocation) received by HP A&#38;M from management of the farm leasing operations from September 1, 2011 to August
3, 3012 prior to termination of the Property Management Agreement.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">The fair value of the Tap Participation Fee liability is an estimate prepared by management of the Company. The fair value of the liability is based on discounted estimated cash flows subject to the Tap Participation Fee calculated by projecting future annual water tap sales for the number of taps subject to the Tap Participation Fee at the date of valuation. Future cash flows from water tap sales are estimated by utilizing the following historical information, where available:</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 18pt">
<div><font style="display: inline; font: 10pt Times New Roman">&#160; </font></div>
</td>
<td style="width: 18pt">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-family: Symbol, Symbol, serif; display: inline">&#183;</font></font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">New homes constructed in the area known as the 11-county &#8220;Front Range&#8221; of Colorado from the 1980&#8217;s through the valuation date. The Company utilized data for this length of time to provide development information over many economic cycles because the Company anticipates development in its targeted service area to encompass many economic cycles over the development period.</font></div>
</td>
</tr></table>
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 18pt">
<div><font style="display: inline; font: 10pt Times New Roman">&#160; </font></div>
</td>
<td style="width: 18pt">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-family: Symbol, Symbol, serif; display: inline">&#183;</font></font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">New home construction patterns for large master planned housing developments along the Front Range. The Company utilized this information because these developments are deemed comparable to projects anticipated to be constructed in the Company&#8217;s targeted service area (i.e. these master planned communities were located in predominately undeveloped areas on the outskirts of the Front Range).</font></div>
</td>
</tr></table>
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 18pt">
<div><font style="display: inline; font: 10pt Times New Roman">&#160; </font></div>
</td>
<td style="width: 18pt">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-family: Symbol, Symbol, serif; display: inline">&#183;</font></font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Population growth rates for Colorado and the Front Range. Population growth rates were utilized to predict anticipated growth along the Front Range, which was used to predict an estimated number of new homes necessary to house the increased population.</font></div>
</td>
</tr></table>
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="font: 10pt times new roman; width: 100%; font-size: 10pt; font-family: times new roman">
<tr style="vertical-align: top">
<td style="width: 18pt">
<div><font style="display: inline; font: 10pt Times New Roman">&#160; </font></div>
</td>
<td style="width: 18pt">
<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-family: Symbol, Symbol, serif; display: inline">&#183;</font></font></div>
</td>
<td>
<div style="text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Consumer Price Index since the 1980&#8217;s, which was utilized to project estimated future water tap fees.</font></div>
</td>
</tr></table>
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">Utilizing
this historical information, the Company projected an estimated new home development pattern in its targeted service
area sufficient to cover the sale of the water taps subject to the Tap Participation Fee at the date of the revaluation,
which was September 1, 2011. The estimated proceeds generated from the sale of those water taps resulted in estimated
payments to HP A&#38;M over the life of the projected development period of $120.6 million, which is an increase of $7.5
million from the previous valuation completed in fiscal 2009. The estimated payments to HP A&#38;M are then discounted to the
current valuation date and the difference between the amount reflected on the Company&#8217;s balance sheet at the valuation
date and the total estimated payments is imputed as interest expense over the estimated development time using the effective
interest method. The implied interest rate for the most recent valuation was 5.3% which was a 1.0% decrease from the prior
valuation completed in fiscal 2009. Based on review of the underlying assumptions used in the September 1, 2011 Tap
Participation Fee valuation there have not been any material changes to these assumptions and therefore no revaluation of the
Tap Participation Fee is deemed necessary.</font></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt">&#160;&#160;</div>


<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">Actual new home development in the Company&#8217;s service area and actual future tap fees inevitably will vary significantly from the Company&#8217;s estimates, which could have a material impact on the Company&#8217;s consolidated financial statements. An important component in the Company&#8217;s estimate of the value of the Tap Participation Fee, which is based on historical trends, is that the Company reasonably expects water tap fees to continue to increase in the coming years. Tap fees are market based and the continued increase in tap fees reflects, among other things, the increasing costs to acquire and develop new water supplies. Tap fees thus are partially indicative of the increasing value of the Company&#8217;s water assets. The Company continues to assess the value of the Tap Participation Fee liability and updates its valuation analysis whenever events or circumstances indicate the assumptions used to estimate the value of the liability have changed materially. The difference between the net present value and the estimated realizable value will be imputed as interest expense using the effective interest method over the estimated development period utilized in the valuation of the Tap Participation Fee.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"><font style="display: inline; font: 10pt Times New Roman">The $70.7 million balance at May 31, 2013, includes $25.1 million of interest which has been imputed since the acquisition date, recorded using the effective interest method. Payment of the Tap Participation Fee may be accelerated in the event of a merger, reorganization, sale of substantially all assets, or similar transactions and in the event of bankruptcy and insolvency events.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Promissory Notes Payable by HP A&#38;M in Default. </font>60 of the 80 properties the Company originally acquired from HP A&#38;M are subject to outstanding promissory notes payable to third parties that are secured by deeds of trust on the Company&#8217;s properties and water rights, as well as mineral interests. HP A&#38;M has now defaulted on all of the promissory notes and informed the Company that it does not intend to pay any of the amounts owed. HP A&#38;M owed approximately $9.6 million of principal and accrued interest at the time of default. These promissory notes are secured by approximately 14,000 acres of land and 16,882 FLCC shares representing water rights owned by the Company.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">On July 2, 2012, the Company formally notified HP A&#38;M that its failure to pay the promissory notes constituted an Event of Default under the Seller Pledge Agreement (as defined below) and a default of a material covenant under the Arkansas River Agreement. The Company informed HP A&#38;M that unless such defaults were cured within thirty days, the Property Management Agreement would be terminated and the Company would proceed to exercise certain rights and remedies under the Arkansas River Agreement, the Seller Pledge Agreement, and the Property Management Agreement to protect its assets. The Company&#8217;s remedies at law and under the Arkansas River Agreement and related agreements include, but are not limited to, the right to (i) foreclose on 1,500,000&#160;shares of Pure Cycle common stock issued to HP A&#38;M and the proceeds therefrom (the &#8220;Pledged Shares&#8221;) which were pledged by HP A&#38;M pursuant to a pledge agreement (the &#8220;Seller Pledge Agreement&#8221;) to secure the payment and performance by HP A&#38;M of the promissory notes described above; (ii) reduce the Tap Participation Fee; (iii) terminate the Property Management Agreement; and (iv) recover damages caused by the defaults, including certain costs and attorneys&#8217; fees.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">On August 3, 2012, the Company formally terminated the Property Management Agreement. On September 27, 2012, the Pledged Shares were sold at auction in a foreclosure sale for $2.35 per share, yielding approximately $3.42 million of proceeds to the Company (net of fees of $110,000). Pursuant to the Arkansas River Agreement, the Company may be entitled to reduce the Tap Participation Fee and recover damages caused by the defaults, including certain costs and attorney&#8217;s fees. The Company intends to pursue such remedies over the next 12 months.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">To protect its land and water interests, during the nine months ended May 31, 2013, the Company purchased approximately $6.9 million of the $9.6 million notes payable by HP A&#38;M and is negotiating the purchase of the remaining $2.7 million with the holders. HP A&#38;M continues to be liable for making the required payments on the notes, and the Company is pursuing remedies to recover the costs and expenses, including reasonable attorneys&#8217; fees, incurred by the Company in protecting the rights and title to the land and water rights securing the notes payable by HP A&#38;M, including the costs incurred in purchasing the notes defaulted on by HP A&#38;M. The amount owed on the outstanding notes was approximately $6.6 million and $9.6 million at May 31, 2013 and August 31, 2012, respectively.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: bold 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Operating Lease</font></font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">Effective December 18, 2012, the Company entered into an operating lease for 1,200 square feet of office space. The lease has a two year term with payments of $1,540 per month.</font></div><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      </table>
    </div>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E64AE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Investments in Water, Water Systems, Land and Improvements (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
        <td class="nump">$ 90,804,300<span></span></td>
        <td class="nump">$ 90,505,700<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
        <td class="num">(2,218,200)<span></span></td>
        <td class="num">(1,995,300)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net investments in water and water systems</a></td>
        <td class="nump">88,586,111<span></span></td>
        <td class="nump">88,510,359<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LandAndLandImprovements', window );">Sky Ranch land and improvements, net</a></td>
        <td class="nump">3,770,638<span></span></td>
        <td class="nump">3,778,464<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal', window );">Investments in water, water systems, land and improvements, net total</a></td>
        <td class="nump">92,356,700<span></span></td>
        <td class="nump">92,288,900<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Arkansas River Valley Assets</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
        <td class="num">(1,444,800)<span></span></td>
        <td class="num">(1,315,900)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Rangeview Water Supply</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
        <td class="num">(7,500)<span></span></td>
        <td class="num">(7,100)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Sky Ranch Water Rights And Other Costs</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
        <td class="num">(72,600)<span></span></td>
        <td class="num">(50,800)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fairgrounds Water And Water System</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
        <td class="num">(600,600)<span></span></td>
        <td class="num">(534,500)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Rangeview Water System</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
        <td class="num">(71,400)<span></span></td>
        <td class="num">(67,600)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Water Supply Other</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
        <td class="num">$ (21,300)<span></span></td>
        <td class="num">$ (19,400)<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets including land and land improvements used in the normal conduct of business and not intended for resale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsNetTotal</nobr></td>
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                  <tr>
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                    <td>pcyo_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LandAndLandImprovements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated deprecation and depletion of real estate held for productive use and additions or improvements to real estate held for productive use, examples include, but are not limited to, walkways, driveways, fences, and parking lots. Excludes land held for sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LandAndLandImprovements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of depreciation (related to capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy) that has been recognized in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EPHAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Shareholders' Equity (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfOptionsAbstract', window );"><strong>Number of options</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding, beginning - Number of options</a></td>
        <td class="nump">215,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Granted - Number of options</a></td>
        <td class="nump">32,500<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercised - Number of options</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod', window );">Forfeited or expired - Number of options</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding, ending - Number of options</a></td>
        <td class="nump">247,500<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Exercisable - Number of options</a></td>
        <td class="nump">205,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_WeightedAverageExercisePriceAbstract', window );"><strong>Weighted average exercise price</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Outstanding, beginning - Weighted average exercise price</a></td>
        <td class="nump">$ 5.88<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Granted - Weighted average exercise price</a></td>
        <td class="nump">$ 3.15<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Exercised - Weighted average exercise price</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice', window );">Forfeited or expired - Weighted average exercise price</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Outstanding, ending - Weighted average exercise price</a></td>
        <td class="nump">$ 5.52<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Exercisable - Weighted average exercise price</a></td>
        <td class="nump">$ 6.03<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_WeightedAverageRemainingContractualTermAbstract', window );"><strong>Weighted average remaining contractual term</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Outstanding, ending - Weighted average remaining contractual term</a></td>
        <td class="text">6 years 5 months<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1', window );">Exercisable - Weighted average remaining contractual term</a></td>
        <td class="text">5 years 6 months<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ApproximateAggregateIntrinsicValueAbstract', window );"><strong>Approximate aggregate intrinsic value</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Outstanding, ending - Approximate aggregate intrinsic value</a></td>
        <td class="nump">$ 16,147,500<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1', window );">Exercisable - Approximate aggregate intrinsic value</a></td>
        <td class="nump">$ 11,416,500<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ApproximateAggregateIntrinsicValueAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_ApproximateAggregateIntrinsicValueAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfOptionsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NumberOfOptionsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_WeightedAverageExercisePriceAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_WeightedAverageExercisePriceAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_WeightedAverageRemainingContractualTermAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_WeightedAverageRemainingContractualTermAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(3)-(4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price of options that were either forfeited or expired.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(3)-(4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross number of share options (or share units) granted during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</nobr></td>
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                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of options outstanding, including both vested and non-vested options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</nobr></td>
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                    <td>num:perShareItemType</td>
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                    <td>na</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of share options (or share units) exercised during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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 -SubTopic 225

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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 -Name Accounting Standards Codification

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

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 -Paragraph 1

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 944

 -SubTopic 210

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.7-03.15)

 -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910



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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 605

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SAB TOPIC 13.A.4(a).Q1 Response)

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 -Topic 605

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<DESCRIPTION>IDEA: Stockholders' Equity
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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company maintains the 2004 Incentive Plan (the &amp;#8220;Equity Plan&amp;#8221;), which was approved by shareholders in April 2004. Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants pursuant to the Equity Plan. Pursuant to the Equity Plan, options to purchase shares of stock and restricted stock awards can be granted with exercise prices, vesting conditions and other performance criteria determined by the Compensation Committee of the Board. The Company initially reserved 1.6 million shares of common stock for issuance under the Equity Plan. At May 31, 2013, the Company had 1,318,311 common shares remaining that can be granted to eligible participants pursuant to the Equity Plan.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table summarizes the stock option activity for the Equity Plan for the nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Remaining Contractual Term&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Approximate Aggregate Instrinsic Value&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;
&lt;div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Outstanding at beginning of period (Aug. 31, 2012)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;215,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.88&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="vertical-align: bottom; text-align: left; text-indent: 0pt; padding-left: 2%; margin-left: 0pt; margin-right: 0pt"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Granted&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;32,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3.15&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-left: 2%"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Exercised&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px; padding-left: 2%"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Forfeited or expired&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;
&lt;div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Outstanding at May 31, 2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;247,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.52&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6.4&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;161,475&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;
&lt;div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Options exercisable at May 31, 2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;205,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6.03&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.5&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;114,165&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table summarizes the activity and value of non-vested options as of and for the nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: center"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; width: 60%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"&gt;
&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Number of Options&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"&gt;
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&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EYCAC">
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          <div style="width: 200px;"><strong>Litigation Loss Contingencies (Details Narrative) (Foreclosure Proceedings Commenced)<br></strong></div>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of real estate properties owned as of the balance sheet date.</p>
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                <p>No definition available.</p>
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

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 -Name Accounting Standards Codification

 -Topic 225

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 -Name Accounting Standards Codification

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 -SubTopic 10

 -Section 45

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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 -Name Accounting Standards Codification

 -Topic 225

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 -Name Regulation S-X (SX)

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 -Paragraph 1

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELAAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Statement of Financial Position [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_TapParticipationFeePayableToHPAMDiscount', window );">Discount of tap participation fee payable to HP A&amp;M</a></td>
        <td class="nump">$ 42,000,000<span></span></td>
        <td class="nump">$ 45,000,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock; Series B- par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock; Series B- shares authorized</a></td>
        <td class="nump">25,000,000<span></span></td>
        <td class="nump">25,000,000<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock; Series B- shares issued</a></td>
        <td class="nump">432,513<span></span></td>
        <td class="nump">432,513<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock; Series B- shares outstanding</a></td>
        <td class="nump">432,513<span></span></td>
        <td class="nump">432,513<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockLiquidationPreferenceValue', window );">Preferred stock; Series B- liquidation preference</a></td>
        <td class="nump">$ 432,513<span></span></td>
        <td class="nump">$ 432,513<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump">$ 0.003333<span></span></td>
        <td class="nump">$ 0.003333<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump">40,000,000<span></span></td>
        <td class="nump">40,000,000<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump">24,037,596<span></span></td>
        <td class="nump">24,037,596<span></span></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tap Participation Fee payable to HP A&amp;amp;M, Discount (in Dollars)</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_TapParticipationFeePayableToHPAMDiscount</nobr></td>
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                    <td>pcyo_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of common stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>instant</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of the difference between preference in liquidation and the par or stated values of the preferred shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockLiquidationPreferenceValue</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Litigation Loss Contingencies<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>May 31, 2013</div>
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        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 9 &#8211; LITIGATION LOSS CONTINGENCIES</font></div>

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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Company is involved in various claims, litigation and other legal proceedings that arise in the ordinary course of its business. The Company records an accrual for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. The Company makes such estimates based on information known about the claims and experience in contesting, litigating and settling similar claims. Disclosures are also provided for reasonably possible losses that could have a material effect on the Company's financial position, results of operations or cash flows.</font></div>

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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Because each of the lawsuits below involves complex legal issues and uncertainties and are in the early stages of litigation, the Company has determined that no accruals for losses related to the lawsuits&#160;are reasonably estimable or deemed reasonably likely at this time.</font></div>

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<div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">As discussed in a Form 8-K filed on December 19, 2011, on that date the Company and the District filed a lawsuit against the State of Colorado by and through the Land Board. The complaint was filed with the District Court, City and County of Denver, State of Colorado. The Company and the District are claiming that the Land Board breached, and will breach, agreements entered into by the Land Board with the Company and the District in connection with a 1996 settlement agreement. Those agreements include (i) the Amended and Restated Water Lease, dated as of April 4, 1996, between the Land Board and the District (the "Lease")&#160;and (ii) the Service Agreement of the same date between the Company and the District. As initially reported in a Current Report on Form 8-K filed on November 29, 2011, the Land Board issued a Request for Proposal that included a draft lease agreement related to oil and gas rights at the Land Board&#8217;s Lowry Range. The Company believes the draft lease agreement did not adequately address or protect the Company&#8217;s exclusive right to provide water to the Lowry Range. The Land Board subsequently entered into an oil and gas lease for the Lowry Range, which, like the draft lease, does not protect the Company&#8217;s exclusive rights. As a result of this breach, the Company and the District are claiming damages to be proven at trial.</font></div>

<div style="text-indent: 0pt; display: block">&#160;</div>





<div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">As disclosed in two Form 8-K&#8217;s, one filed on February 16, 2012, and one filed on February 29, 2012, HP A&#38;M initiated a lawsuit against the Company in District Court, City and County of Denver, State of Colorado on February 27, 2012, alleging breaches of representations made in connection with the Arkansas River Agreement. The HP A&#38;M claims relate to the issues currently being litigated between the Company and the Land Board regarding the Company&#8217;s exclusive right to provide water service to the Land Board&#8217;s Lowry Range property. The Company believes the allegations are without merit and intends to vigorously defend against them.</font></div>

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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Land Board asserted certain counterclaims in the lawsuit described above that relate to operational disputes under the Lease. On June 14, 2013, the Company, the District and the Land Board entered into an Arbitration Agreement pursuant to which the parties have agreed to submit three counterclaims under the Lease to binding arbitration: (i) whether revenue from wastewater services are subject to royalties under the Lease and the appropriate payment for a right-of-way for a wastewater reclamation facility, (ii) whether Export Water royalties are owed on a net or gross proceeds basis, and (iii) if, and/or how water from the four aquifers under the Lowry Range should be blended for sale, as well as any related claims of the Company and the District for offset, credit or overpayment of previous royalties paid and defenses to the three claims. The counterclaims have been dismissed from the lawsuit without prejudice. An arbitrator has not yet been selected, so the timing of resolution of these claims is unknown. Because the arbitration has not proceeded past the agreement stage and the outcome is uncertain, the Company has determined that accruals for losses related to the arbitration are not reasonably estimable or deemed reasonably likely at this time. The Company and the District believe that they have been conducting their operations in accordance with the Lease and are prepared to defend their decisions in the arbitration.</font></div>

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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">During the nine month period ended May 31, 2013, foreclosure proceedings were commenced against 37 of the properties acquired by the Company from HP A&#38;M which are subject to promissory notes defaulted upon by HP A&#38;M and secured by deeds of trust on the Company&#8217;s land and water rights.&#160;Subsequent to May&#160;31, 2013, a foreclosure proceeding was commenced against one additional property.&#160;These properties represent approximately 40% of the Company&#8217;s FLLC shares and over 45% of the Company&#8217;s Arkansas River land.&#160;&#160;The proceedings were filed on various dates from January 9, 2013 through July 3, 2013, with the Public Trustees of Bent, Otero and Prowers Counties in Colorado and involve claims against HP A&#38;M for its failure to pay the notes.&#160;&#160;Foreclosure proceedings in Colorado take at least nine months to conclude.&#160;&#160;Due to statutory protections afforded to the Company as the owner of the properties and the Company&#8217;s liquidity, the Company anticipates concluding these foreclosure proceedings on terms which will not have a material adverse effect on its financial position, results of operations or cash flows.&#160;&#160;The Company also intends to pursue remedies against HP A&#38;M for the defaults. The Company has recorded no accrual for loss related to the foreclosures because the Company has determined that losses related to the foreclosure proceedings are not probable. Further, the Company estimates that any reasonably possible loss would be zero or immaterial in amount.</font></div><span></span></td>
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&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Contingency&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Original balances&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8211;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;218,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;31,807,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;11,090,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;20,717,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td colspan="4" style="text-align: left; vertical-align: bottom"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="font: italic 10pt times new roman; display: inline"&gt;Activity from inception until August 31, 2012:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="font: italic 10pt times new roman; display: inline"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Acquisitions&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8211;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;28,077,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(28,077,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(9,790,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(18,287,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Option payments - Sky Ranch &lt;/font&gt;and The Hills at Sky Ranch&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;110,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(42,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(68,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(23,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(44,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Arapahoe County tap fees *&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;533,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(373,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(159,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(55,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(104,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Export Water sale payments&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;111,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(77,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(33,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(12,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(21,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at August 31, 2012&lt;/font&gt;&lt;/div&gt;
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&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;754,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;27,802,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,468,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1,208,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,259,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="font: italic 10pt times new roman; display: inline"&gt;Fiscal 2013 activity:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Export Water sale payments&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;158,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(110,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(47,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(16,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(30,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 4px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at May 31, 2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;912,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;27,692,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3,421,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1,192,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,229,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ESOAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (Unaudited) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>May 31, 2012</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (3,044,878)<span></span></td>
        <td class="num">$ (4,145,260)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used for operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">Imputed interest on Tap Participation Fee payable to HP A&amp;M</a></td>
        <td class="nump">2,416,619<span></span></td>
        <td class="nump">2,586,780<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion and other non-cash items</a></td>
        <td class="nump">231,822<span></span></td>
        <td class="nump">230,370<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInterestPayableNet', window );">Interest accrued on agriculture land promissory notes</a></td>
        <td class="nump">67,383<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation expense</a></td>
        <td class="nump">42,252<span></span></td>
        <td class="nump">42,257<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncomeExpense', window );">Interest income and other non-cash items</a></td>
        <td class="nump">1,763<span></span></td>
        <td class="nump">3,085<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncome', window );">Interest added to receivable from Rangeview Metropolitan District</a></td>
        <td class="num">(9,004)<span></span></td>
        <td class="num">(9,037)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_InterestAddedToConstructionProceedsReceivable', window );">Interest added to construction proceeds receivable</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(14,786)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Trade accounts receivable</a></td>
        <td class="num">(136,033)<span></span></td>
        <td class="nump">44,381<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expenses</a></td>
        <td class="nump">16,794<span></span></td>
        <td class="num">(20,541)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueFromRelatedParties', window );">HP A&amp;M Receivable</a></td>
        <td class="num">(462,730)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseDueFromOtherRelatedParties', window );">Sky Ranch #5 Receivable</a></td>
        <td class="num">(57,123)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued liabilities</a></td>
        <td class="num">(116,004)<span></span></td>
        <td class="nump">41,045<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenues</a></td>
        <td class="nump">33,527<span></span></td>
        <td class="num">(41,852)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DeferredOilAndGasLeaseBonusPayment', window );">Deferred income- oil &amp; gas lease</a></td>
        <td class="num">(310,860)<span></span></td>
        <td class="num">(310,860)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num">(1,326,472)<span></span></td>
        <td class="num">(1,594,418)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities', window );">Sales and maturities of marketable securities</a></td>
        <td class="nump">1,101,367<span></span></td>
        <td class="nump">3,022,466<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireMarketableSecurities', window );">Purchase of marketable securities</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(1,234,967)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems', window );">Investments in water, water systems, and land</a></td>
        <td class="num">(298,772)<span></span></td>
        <td class="num">(68,855)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of property and equipment</a></td>
        <td class="num">(34,000)<span></span></td>
        <td class="num">(3,894)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity', window );">Proceeds from sale of collateral stock</a></td>
        <td class="nump">3,415,000<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by investing activities</a></td>
        <td class="nump">4,183,595<span></span></td>
        <td class="nump">1,714,750<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromConstructionLoansPayable', window );">Arapahoe County construction proceeds</a></td>
        <td class="nump">291,662<span></span></td>
        <td class="nump">54,798<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PaymentsToContingentLiabilityHolders', window );">Payments to contingent liability holders</a></td>
        <td class="num">(16,535)<span></span></td>
        <td class="num">(3,520)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfNotesPayable', window );">Payments made on promissory notes payable</a></td>
        <td class="num">(1,686,340)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) provided by financing activities</a></td>
        <td class="num">(1,411,213)<span></span></td>
        <td class="nump">51,278<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net change in cash and cash equivalents</a></td>
        <td class="nump">1,445,910<span></span></td>
        <td class="nump">171,610<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - beginning of period</a></td>
        <td class="nump">1,623,517<span></span></td>
        <td class="nump">71,795<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - end of period</a></td>
        <td class="nump">$ 3,069,427<span></span></td>
        <td class="nump">$ 243,405<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_DeferredOilAndGasLeaseBonusPayment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>DeferredOilAndGasLeaseBonusPayment</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_DeferredOilAndGasLeaseBonusPayment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_InterestAddedToConstructionProceedsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest added to construction proceeds receivable that results in no cash inflows or outflows in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_InterestAddedToConstructionProceedsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PaymentsToContingentLiabilityHolders">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>PaymentsToContingentLiabilityHolders</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_PaymentsToContingentLiabilityHolders</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseDueFromOtherRelatedParties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in receivables to be collected from other entities that could exert significant influence over the reporting entity. This element is used when there is no other more specific or appropriate element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseDueFromOtherRelatedParties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDeferredRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueFromRelatedParties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in receivables to be collected from other entities that could exert significant influence over the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDueFromRelatedParties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInterestPayableNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInInterestPayableNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4D<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624177-113959<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph -4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpenseOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
                    <td><strong> Name:</strong></td>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Period Type:</strong></td>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other income or gains included in net income that result in no cash inflows or outflows in the period and are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashIncome</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncomeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashIncomeExpense</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireMarketableSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash outflow for purchase of trading, available-for-sale securities and held-to-maturity securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26853-111562<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireMarketableSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
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          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for the purchase of a facility and equipment that provides water supply which includes wells, reservoirs, pumping stations, and control facilities; and waste water systems which includes the waste treatment and disposal facility and equipment to households and industry.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromConstructionLoansPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from borrowings to finance the cost of construction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromConstructionLoansPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOrSaleOfEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities  (held-to-maturity or available-for-sale) during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26853-111562<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3179-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for a borrowing supported by a written promise to pay an obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EM3AG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (Unaudited) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_CurrentAssetsAbstract', window );"><strong>Current assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 3,069,427<span></span></td>
        <td class="nump">$ 1,623,517<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesCurrent', window );">Marketable securities</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">1,101,367<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Trade accounts receivable, net</a></td>
        <td class="nump">271,491<span></span></td>
        <td class="nump">135,458<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesAndLoansReceivableNetCurrent', window );">Current portion of receivable from HP A&amp;M</a></td>
        <td class="nump">6,597,952<span></span></td>
        <td class="nump">4,456,857<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid expenses</a></td>
        <td class="nump">262,988<span></span></td>
        <td class="nump">279,782<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesLongTermContractsOrPrograms', window );">Current portion of construction proceeds receivable</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">64,783<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">10,201,858<span></span></td>
        <td class="nump">7,661,764<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Investments in water and water systems, net</a></td>
        <td class="nump">88,586,111<span></span></td>
        <td class="nump">88,510,359<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LandAndLandImprovements', window );">Land - Sky Ranch</a></td>
        <td class="nump">3,770,638<span></span></td>
        <td class="nump">3,778,464<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleLongLived', window );">Land and water held for sale</a></td>
        <td class="nump">5,748,630<span></span></td>
        <td class="nump">5,748,630<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent', window );">Construction proceeds receivable, less current portion</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">226,879<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NoteReceivableRelatedPartyAbstract', window );"><strong>Note receivable - related party:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableRelatedPartiesNoncurrent', window );">Rangeview Metropolitan District, including accrued interest</a></td>
        <td class="nump">552,949<span></span></td>
        <td class="nump">543,945<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesAndLoansReceivableNetNoncurrent', window );">Receivable from HP A&amp;M, less current portion</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">5,093,365<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump">108,136<span></span></td>
        <td class="nump">18,671<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">108,968,322<span></span></td>
        <td class="nump">111,582,077<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
        <td class="nump">121,792<span></span></td>
        <td class="nump">261,383<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNotesPayableCurrent', window );">Current portion of promissory notes payable</a></td>
        <td class="nump">4,836,358<span></span></td>
        <td class="nump">5,340,890<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
        <td class="nump">196,217<span></span></td>
        <td class="nump">172,630<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenues</a></td>
        <td class="nump">147,949<span></span></td>
        <td class="nump">65,384<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent', window );">Deferred oil and gas lease payment</a></td>
        <td class="nump">328,130<span></span></td>
        <td class="nump">414,480<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">5,630,446<span></span></td>
        <td class="nump">6,254,767<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenues, less current portion</a></td>
        <td class="nump">1,248,567<span></span></td>
        <td class="nump">1,297,605<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent', window );">Deferred oil and gas lease payment, less current portion</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">224,510<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLongTermNotesPayable', window );">Promissory notes payable, less current portion</a></td>
        <td class="nump">3,094,904<span></span></td>
        <td class="nump">4,209,329<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecordedPortionOfContingentObligation', window );">Participating Interests in Export Water Supply</a></td>
        <td class="nump">1,192,393<span></span></td>
        <td class="nump">1,208,928<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Tap Participation Fee payable to HP A&amp;M, net of $42 million and $45 million discount, respectively</a></td>
        <td class="nump">70,685,795<span></span></td>
        <td class="nump">68,269,176<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">81,852,105<span></span></td>
        <td class="nump">81,464,315<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PreferredStockAbstract', window );"><strong>Preferred stock:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Series B - par value $.001 per share; 25 million shares authorized; 432,513 shares issued and outstanding (liquidation preference of $432,513)</a></td>
        <td class="nump">433<span></span></td>
        <td class="nump">433<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_CommonStockAbstract', window );"><strong>Common stock:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock: Par value 1/3 of $.01 per share; 40 million shares authorized; 24,037,596 shares outstanding both periods presented</a></td>
        <td class="nump">80,130<span></span></td>
        <td class="nump">80,130<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">103,463,122<span></span></td>
        <td class="nump">103,420,870<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated comprehensive loss</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(1,081)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(76,427,468)<span></span></td>
        <td class="num">(73,382,590)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
        <td class="nump">27,116,217<span></span></td>
        <td class="nump">30,117,762<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
        <td class="nump">$ 108,968,322<span></span></td>
        <td class="nump">$ 111,582,077<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_CommonStockAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_CommonStockAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_CurrentAssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_CurrentAssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_CurrentLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_CurrentLiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents revenue received for oil and gas lease, but not recognized for financial reporting purposes, which is anticipated to be recognized for financial reporting purposes within one year of the reporting date or one operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion of deferred revenue from oil and gas lease amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_DeferredRevenueOilAndGasLeasePaymentNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NoteReceivableRelatedPartyAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NoteReceivableRelatedPartyAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PreferredStockAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_PreferredStockAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount to be collected in accordance with the contractual provisions of long-term contracts or programs including amounts billed and unbilled as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_ReceivablesLongTermContractsOrProgramsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RecordedPortionOfContingentObligation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Participating Interests in Export Water Supply</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RecordedPortionOfContingentObligation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=SL7669686-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleLongLived">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Long-lived assets that are held for sale apart from normal operations and anticipated to be sold in less than one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1107-107759<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsHeldForSaleLongLived</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LandAndLandImprovements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated deprecation and depletion of real estate held for productive use and additions or improvements to real estate held for productive use, examples include, but are not limited to, walkways, driveways, fences, and parking lots. Excludes land held for sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LandAndLandImprovements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregated carrying amounts of obligations as of the balance sheet date, excluding long-term debt, incurred as part of the normal operations that are expected to be paid after one year or beyond the normal operating cycle, if longer. Alternate captions include Total Deferred Credits and Other Liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketableSecuritiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of investments in debt and equity securities, including, but not limited to, held-to-maturity, trading and available-for-sale expected to be converted to cash, sold or exchanged within one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26626-111562<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 2<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketableSecuritiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesAndLoansReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28367877&amp;loc=d3e4531-111522<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesAndLoansReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesAndLoansReceivableNetNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesAndLoansReceivableNetNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesReceivableRelatedPartiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from parties associated with the reporting entity as evidenced by a written promise to pay, due after 1 year (or 1 business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.11)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Related Parties<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=16382449<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesReceivableRelatedPartiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLongTermNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value of the noncurrent portion of notes payable which were initially due after one year or beyond the normal operating cycle, if longer, and which are not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLongTermNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNotesPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value of the current portion of notes payable which were initially due after one year or beyond the normal operating cycle, if longer, and which are not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNotesPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Assets<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (g)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386993&amp;loc=d3e5879-108316<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesLongTermContractsOrPrograms">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount to be collected within one year of the balance sheet date (or one operating cycle, if longer) from customers in accordance with the contractual provisions of long-term contracts or programs including amounts billed and unbilled as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph c<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ReceivablesLongTermContractsOrPrograms</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4590271-111686<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R7.xml
<DESCRIPTION>IDEA: Fair Value Measurements
<TEXT>
<XBRL>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_FairValueDisclosuresTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: bold 10pt Times New Roman"&gt;NOTE 2&lt;font style="font-style: italic; display: inline"&gt; &amp;#8211; &lt;/font&gt;FAIR VALUE MEASUREMENTS&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Level 1 &amp;#8212; Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. The Company had none of these instruments at May 31, 2013.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Level 2 &amp;#8212; Valuations for assets and liabilities obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company had no Level 2 assets or liabilities at May 31, 2013.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Level 3 &amp;#8212; Valuations for assets and liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The Company had one Level 3 liability at May 31, 2013, the Tap Participation Fee liability, which is described in greater detail in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; below.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company maintains policies and procedures to value instruments using the best and most relevant data available.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company&amp;#8217;s non-financial assets measured at fair value on a non-recurring basis consist entirely of its investments in water and water systems and other long-lived assets. See Note 3 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Investment in Water, Water Systems, Land and Improvements&lt;/font&gt; below.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Level 3 Liability &amp;#8211; Tap Participation Fee. &lt;/font&gt;The Company&amp;#8217;s Tap Participation Fee liability is the Company&amp;#8217;s only financial liability measured on a non-recurring basis. As further described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt;, the Tap Participation Fee liability is valued by projecting new home development in the Company&amp;#8217;s targeted service area over an estimated development period.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of May 31, 2013:&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;

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&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Cost / Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Quoted Prices in Active Markets for Identical Assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Significant Other Observable Inputs&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Significant Unobservable Inputs&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total Unrealized&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;
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&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Value&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;1)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;2)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;3)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gain&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 34%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Tap Participation Fee liability&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Although not required, the Company deems the following table, which presents the changes in the Tap Participation Fee for the nine months ended May 31, 2013, to be helpful to the users of its consolidated financial statements:&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;

&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;


&lt;div style="text-align: left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value Measurement using Significant Unobservable Inputs (Level 3)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gross Estimated Tap Participation Fee Liability&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Tap Participation Fee Reported Liability&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Discount - to be imputed as interest expense in future periods&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at August 31, 2012&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;112,958,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;68,269,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;44,688,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total gains and losses (realized and unrealized):&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Imputed interest recorded as &amp;#8220;Other Expense&amp;#8221;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,416,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(2,416,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%; padding-bottom: 2px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Transfers in and/or out of Level 3&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%; padding-bottom: 4px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at May 31, 2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;112,958,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,272,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 825

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and marketable securities. The Company places its cash equivalents and investments with high quality financial institutions. The Company invests its cash primarily in certificates of deposits, money market instruments, and U.S. government treasury obligations. To date, the Company has not experienced significant losses on any of these investments.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Current Assets and Liabilities &amp;#8211; &lt;/font&gt;The amounts reported on the balance sheets for cash and cash equivalents, trade receivables, and trade payables approximate their fair values because of the short maturity of these instruments.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The amounts reported on the balance sheets for marketable securities represent the fair values of the underlying instruments as reported by the financial institutions where the funds are held as of August 31, 2012. The Company has recorded an accumulated net unrealized loss on its marketable securities of $1,081 as of August 31, 2012. The unrealized loss was the result of changes in interest rates in the market. As of May 31, 2013, the Company is not holding any marketable securities in an effort to create liquidity while the Company is in the process of curing the defaults by High Plains A&amp;#38;M, LLC (&amp;#8220;HP A&amp;#38;M&amp;#8221;).&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Notes Receivable and Construction Proceeds Receivable &amp;#8211; &lt;/font&gt;The amounts reported on the balance sheets for notes receivable and construction proceeds receivable approximate fair value as they bear interest at rates which are comparable to current market rates.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&amp;#160;&lt;/div&gt;


&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The fair value of the Note Receivable &amp;#8211; related party Rangeview Metropolitan District (the &amp;#8220;District&amp;#8221;) is not practical to estimate due to the related party nature of the underlying transaction.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Receivable from HP A&amp;#38;M &amp;#8211; &lt;/font&gt;As described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; below, HP A&amp;#38;M defaulted on certain promissory notes payable to third parties which are secured by real property and water rights owned by the Company. To protect its property and water rights, the Company has purchased certain of the HP A&amp;#38;M notes. The Company has the right to recover from HP A&amp;#38;M all costs and expenses, including reasonable attorneys&amp;#8217; fees, incurred by the Company in curing the defaulted notes and in protecting its right and title to the property and water rights securing the notes. The Company has recorded the entire amount of the HP A&amp;#38;M notes purchased by the Company and the value of remaining notes the Company is currently negotiating to purchase as a receivable from HP A&amp;#38;M net of the $3.4 million in proceeds received from the sale of 1.5 million shares of the Company&amp;#8217;s Common Stock held as pledged assets. The short term portion of the receivable represents the amount of the defaulted promissory notes payable by HP A&amp;#38;M which were purchased by the Company as of May 31, 2013, due within the next 12 months. The carrying value of the accounts receivable approximate the fair value as the rates are comparable to market rates.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Long-term Financial Liabilities&lt;/font&gt;&lt;font style="display: inline; font-weight: bold"&gt; &amp;#8211; &lt;/font&gt;The Comprehensive Amendment Agreement No. 1 (the &amp;#8220;CAA&amp;#8221; as further described in Note 4 &amp;#8211;&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below) is comprised of a recorded balance and an off-balance sheet or &amp;#8220;contingent&amp;#8221; obligation associated with the Company&amp;#8217;s acquisition of its &amp;#8220;Rangeview Water Supply&amp;#8221; (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets &lt;/font&gt;to the 2012 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &amp;#8220;Export Water&amp;#8221; (defined in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report). Because of the uncertainty of the sale of&amp;#160;&amp;#160;Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The recorded balance of the &amp;#8220;Tap Participation Fee&amp;#8221; liability (as described below and in Note 4 -&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below) is its estimated fair value determined by projecting new home development in the Company&amp;#8217;s targeted service area over an estimated development period.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Pursuant to the Asset Purchase Agreement (the &amp;#8220;Arkansas River Agreement&amp;#8221;) dated May 10, 2006, the Company is obligated to pay HP A&amp;#38;M a defined percentage of a defined number of water tap fees the Company receives after the date of the Arkansas River Agreement. A Tap Participation Fee is due and payable once the Company has sold a water tap and received the consideration due for such water tap. The Company did not sell any water taps during the three or nine months ended May 31, 2013 or 2012.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company imputes interest expense on the unpaid Tap Participation Fee using the effective interest method over an estimated period which is utilized in the valuation of the liability. The Company imputed interest of $871,900 and $873,000 during the three months ended May 31, 2013 and 2012, respectively. The Company imputed interest of $2,416,600 and $2,586,800 during the nine months ended May 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 4.5pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;At May 31, 2013, there remain 19,427 water taps subject to the Tap Participation Fee.&lt;/font&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for tap participation fee including imputed interest.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Tap Participation Fee</Label></Row><Row FlagID="0"><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Tap and Construction Fees &lt;/font&gt;&amp;#8211; In August 2005, the Company entered into the Water Service Agreement (the &amp;#8220;County Agreement&amp;#8221;) with Arapahoe County (the &amp;#8220;County&amp;#8221;). In fiscal 2006, the Company began recognizing water tap fees as revenue ratably over the estimated service period upon completion of the &amp;#8220;Wholesale Facilities&amp;#8221; (defined in the 2012 Annual Report) constructed to provide service to the County. The Company recognized $3,600 of water tap fee revenues during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $10,700 of water tap fee revenues during each of the nine months ended May 31, 2013 and 2012, respectively. The water tap fees to be recognized over this period are net of the royalty payments to the State of Colorado Board of Land Commissioners (the &amp;#8220;Land Board&amp;#8221;) and amounts paid to third parties pursuant to the CAA as further described in Note 4 &amp;#8211;&lt;font style="font-style: italic; display: inline"&gt; Long-Term Obligations and Operating Lease&lt;/font&gt; below.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&amp;#160;&lt;/div&gt;


&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company recognized $10,400 of &amp;#8220;Special Facilities&amp;#8221; (defined in the 2012 Annual Report) funding as revenue during each of the three months ended May 31, 2013 and 2012, respectively. The Company recognized $31,100 of Special Facilities funding as revenue during each of the nine months ended May 31, 2013 and 2012, respectively. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As of May 31, 2013, the Company has deferred recognition of $1.3 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Farm Operations &amp;#8211; &lt;/font&gt;The Company leases its Arkansas River water and land to area farmers who actively farm the properties. Prior to August 3, 2012, pursuant to a property management agreement between HP A&amp;#38;M and the Company (the &amp;#8220;Property Management Agreement&amp;#8221;), HP A&amp;#38;M received a management fee equal to 100% of the income from the land and water leases. As a result, the Company presented its land and water lease income net of the management fees paid to HP A&amp;#38;M. Effective August 3, 2012, the Company terminated the Property Management Agreement due to a default by HP A&amp;#38;M on certain promissory notes secured by deeds of trust on the land and water purchased by the Company from HP A&amp;#38;M in 2006. Effective August 3, 2012, the Company manages the land and water leases and the income from the land and water leases became payable to the Company. Pursuant to the farm lease agreements, the Company bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual water deliveries by the Fort Lyon Canal Company (&amp;#8220;FLCC&amp;#8221;) or are based on crop yields. Subsequent to August 3, 2012, the Company records farm lease income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases. The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as of May 31, 2013, was determined by the Company&amp;#8217;s specific review of all past due accounts. The Company has recorded allowances for doubtful accounts totaling $41,100 and $20,400 as of May 31, 2013 and August 31, 2012, respectively. As of May 31, 2013 the company has recorded deferred revenue of $82,565 on its farm income related to billings for future periods. The Company manages the farm lease business as a separate line of business from the wholesale water and wastewater business.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Royalty and other obligations &amp;#8211;&amp;#160;&amp;#160;&lt;/font&gt;Revenues from the sale of Export Water are shown net of royalties payable to the Land Board. Revenues from the sale of water on the &amp;#8220;Lowry Range&amp;#8221; (described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water Assets&lt;/font&gt; to the 2012 Annual Report) are shown net of the royalties to the Land Board and the amounts retained by the District.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;&lt;font style="font-style: italic; display: inline; font-weight: bold"&gt;Oil
and Gas Lease Payments &amp;#8211;&amp;#160;&amp;#160;&lt;/font&gt;As further described in Note 2 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Summary
of Significant Accounting Policies&lt;/font&gt;&amp;#160;to the 2012 Annual Report, on March 10, 2011, the Company entered into a
Paid-Up Oil and Gas Lease (the &amp;#8220;O&amp;#38;G Lease&amp;#8221;) and a Surface Use and Damage Agreement (the &amp;#8220;Surface Use
Agreement&amp;#8221;) with Anadarko E&amp;#38;P Company, L.P. (&amp;#8220;Anadarko&amp;#8221;), a wholly owned subsidiary of Anadarko
Petroleum Company. In December of 2012 the O&amp;#38;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips
Company. Pursuant to the O&amp;#38;G Lease, during the year ended August 31, 2011, the Company received up-front payments of
$1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of
mineral estate owned by the Company at its &amp;#8220;Sky Ranch&amp;#8221; property (described in Note 4 &amp;#8211; &lt;font style="font-style: italic; display: inline"&gt;Water
Assets&lt;/font&gt; to the 2012 Annual Report). The Company began recognizing the up-front payments as income on a straight-line
basis over three years (the initial term of the O&amp;#38;G Lease) on March 10, 2011. During the three months ended May 31, 2013
and 2012, the Company recognized $103,600 and $104,600, respectively, of income and royalty related to the up-front payments
received pursuant to the O&amp;#38;G Lease. During the nine months ended May 31, 2013 and 2012, the Company recognized $310,900
and $319,400, respectively, of income and royalty related to the up-front payments received pursuant to the O&amp;#38;G
Lease.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;As of May 31, 2013, the Company has deferred recognition of $328,100 of income related to the O&amp;#38;G Lease, which will be recognized into income ratably through February 2014.&lt;/font&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Costs to construct water and wastewater systems that meet the Company&amp;#8217;s capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line basis over their estimated useful lives of up to thirty years. The Company capitalizes design and construction costs related to construction activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of its water assets. The Company depletes its groundwater assets that are being utilized on the basis of units produced (i.e. thousands of gallons sold) divided by the total volume of water adjudicated in the water decrees.&lt;/font&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for oil and gas property which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company maintains a stock option plan for the benefit of its employees and non-employee directors. The Company records share-based compensation costs as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative transition method for calculating the tax effects of share-based compensation, which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options has no impact on the income tax provisions.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company recognized $19,200 and $2,100 of share-based compensation expense during the three months ended May 31, 2013 and 2012, respectively. During each of the nine months ended May 31, 2013 and 2012, the Company recognized $42,300 of share-based compensation expense.&lt;/font&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company uses a "more-likely-than-not" threshold for the recognition and de-recognition of tax positions, including any potential interest and penalties relating to tax positions taken by the Company. The Company did not have any significant unrecognized tax benefits as of May 31, 2013.&lt;/font&gt;&lt;/div&gt;

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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal 2010 through fiscal 2012. The Company does not believe there will be any material changes in its unrecognized tax positions over the next twelve months.&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
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&lt;div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At May 31, 2013, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or nine months ended May 31, 2013 and 2012.&lt;/font&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 205

 -SubTopic 20

 -Section 45

 -Paragraph 10

 -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1107-107759



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<TYPE>XML
<SEQUENCE>59
<FILENAME>R18.xml
<DESCRIPTION>IDEA: Fair Value Measurements (Tables)
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&lt;td colspan="10" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value Measurement Using&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Cost / Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Quoted Prices in Active Markets for Identical Assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Significant Other Observable Inputs&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Significant Unobservable Inputs&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-top-style: none; border-top-width: medium"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total Unrealized&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Value&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;1)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;2)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(Level&amp;#160;3)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gain&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 34%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Tap Participation Fee liability&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 2%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 7%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 1

 -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19190-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a),(b)

 -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19207-110258



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Fair Value, Assets Measured on Recurring Basis</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;Although not required, the Company deems the following table, which presents the changes in the Tap Participation Fee for the nine months ended May 31, 2013, to be helpful to the users of its consolidated financial statements:&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div style="text-align: left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Fair Value Measurement using Significant Unobservable Inputs (Level 3)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gross Estimated Tap Participation Fee Liability&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Tap Participation Fee Reported Liability&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Discount - to be imputed as interest expense in future periods&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at August 31, 2012&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;112,958,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;68,269,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;44,688,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total gains and losses (realized and unrealized):&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Imputed interest recorded as &amp;#8220;Other Expense&amp;#8221;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,416,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(2,416,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%; padding-bottom: 2px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Transfers in and/or out of Level 3&lt;/font&gt;&lt;/div&gt;
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&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 46%; padding-bottom: 4px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Balance at May 31, 2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;112,958,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;70,685,800&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,272,200&lt;/font&gt;&lt;/td&gt;
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 -Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

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        <th class="th" colspan="1">9 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>sqft

</div>
          <div>acre</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 1996</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecordedPortionOfContingentObligation', window );">Recorded Portion Of Contingent Obligation</a></td>
        <td class="nump">$ 1,192,393<span></span></td>
        <td class="nump">$ 1,208,928<span></span></td>
        <td class="nump">$ 11,100,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractualObligation', window );">Contractual Obligation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">31,800,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PercentageOfOriginalTotalLiability', window );">Percentage of original total liability</a></td>
        <td class="nump">35.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PercentageRemittedToCaaHolders', window );">Percentage remitted to CAA Holders</a></td>
        <td class="nump">35.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PercentageAllocatedToContingentObligation', window );">Percentage allocated to contingent obligation</a></td>
        <td class="nump">65.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Long-term Debt</a></td>
        <td class="nump">3,400,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
        <td class="nump">34,522<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Liabilities, Other than Long-term Debt, Noncurrent</a></td>
        <td class="nump">70,685,795<span></span></td>
        <td class="nump">68,269,176<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ReductionInTapsPercentage', window );">Reduction In Taps Percentage</a></td>
        <td class="nump">50.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PercentageOfNetRevenues', window );">Percentage of Net Revenues</a></td>
        <td class="nump">26.90%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_TapParticipationFeeInterest', window );">Tap Participation Fee, Interest</a></td>
        <td class="nump">25,100,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_EstimatedProceedsFromSaleOfWaterTaps', window );">Estimated proceeds from sale of water taps</a></td>
        <td class="nump">120,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps', window );">Increase in estimated proceeds from sale of water taps</a></td>
        <td class="nump">7,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ImpliedInterestRate', window );">Implied interest rate</a></td>
        <td class="nump">5.30%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_IncreaseInImpliedInterestRate', window );">Increase in implied interest rate</a></td>
        <td class="nump">1.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes', window );">Number of properties subject to outstanding promissory notes</a></td>
        <td class="nump">60<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfProperties', window );">Number of properties</a></td>
        <td class="nump">80<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfAcres', window );">Number of Acres (in Acres)</a></td>
        <td class="nump">14,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfFLCCShares', window );">Number of FLCC Shares</a></td>
        <td class="nump">16,882<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfShares', window );">Number Of Shares</a></td>
        <td class="nump">1,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price (in Dollars per share)</a></td>
        <td class="nump">$ 2.35<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from Issuance of Common Stock</a></td>
        <td class="nump">3,420,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_SaleOfStockExpense', window );">Sale of Stock, Expense</a></td>
        <td class="nump">110,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInNotesPayableCurrent', window );">Increase (Decrease) in Notes Payable, Current</a></td>
        <td class="nump">6,900,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayable', window );">Notes Payable</a></td>
        <td class="nump">6,600,000<span></span></td>
        <td class="nump">9,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseAndRentalExpense', window );">Operating Leases, Rent Expense</a></td>
        <td class="nump">1,540<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NotesPayableBeingNegotiatedForPurchase', window );">Notes payable being negotiated for purchase</a></td>
        <td class="nump">2,700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_OfficeSpace', window );">Office space</a></td>
        <td class="nump">1,200<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Maximum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_WaterTaps', window );">Water Taps</a></td>
        <td class="nump">40,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_TapParticipationFeePercentage', window );">Tap Participation Fee Percentage</a></td>
        <td class="nump">20.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Minimum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_WaterTaps', window );">Water Taps</a></td>
        <td class="nump">19,427<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_TapParticipationFeePercentage', window );">Tap Participation Fee Percentage</a></td>
        <td class="nump">10.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Not Recorded On Balance Sheets</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ContingentLiability', window );">Contingent Liability</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">20,700,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">First Priority Payout</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred Revenue</a></td>
        <td class="nump">5,100,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Remaining First Priortiy Payout</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred Revenue</a></td>
        <td class="nump">$ 7,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ContingentLiability">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>ContingentLiability</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_ContingentLiability</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_EstimatedProceedsFromSaleOfWaterTaps">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The estimated proceeds from the sale of water taps.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_EstimatedProceedsFromSaleOfWaterTaps</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ImpliedInterestRate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The implied interest rate relating to the sale of water taps.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_ImpliedInterestRate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase in estimated proceeds from the sale of water taps.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_IncreaseInEstimatedProceedsFromSaleOfWaterTaps</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_IncreaseInImpliedInterestRate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase in the implied interest rate relating to the sale of water taps.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_IncreaseInImpliedInterestRate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NotesPayableBeingNegotiatedForPurchase">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of notes payable being negotiated for purchase.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NotesPayableBeingNegotiatedForPurchase</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfAcres">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>NumberOfAcres</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NumberOfAcres</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfFLCCShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>NumberOfFLCCShares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NumberOfFLCCShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfProperties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of properties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NumberOfProperties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of properties subject to outstanding promissory notes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NumberOfPropertiesSubjectToOutstandingPromissoryNotes</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>NumberOfShares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_NumberOfShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_OfficeSpace">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The square footage of office space.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_OfficeSpace</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PercentageAllocatedToContingentObligation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage remitted to CAA Holders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_PercentageAllocatedToContingentObligation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PercentageOfNetRevenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>PercentageOfNetRevenues</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_PercentageOfNetRevenues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PercentageOfOriginalTotalLiability">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of original total liability.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_PercentageOfOriginalTotalLiability</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PercentageRemittedToCaaHolders">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage allocated to contingent obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_PercentageRemittedToCaaHolders</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RecordedPortionOfContingentObligation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Participating Interests in Export Water Supply</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RecordedPortionOfContingentObligation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ReductionInTapsPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>ReductionInTapsPercentage</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_ReductionInTapsPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_SaleOfStockExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>SaleOfStockExpense</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_SaleOfStockExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_TapParticipationFeeInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>TapParticipationFeeInterest</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_TapParticipationFeeInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_TapParticipationFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>TapParticipationFeePercentage</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_TapParticipationFeePercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_WaterTaps">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>WaterTaps</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_WaterTaps</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:decimalItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractualObligation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ContractualObligation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section A<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1 Response)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInNotesPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in current portion (due within one year or one business cycle) of obligations evidenced by formal promissory notes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInNotesPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseAndRentalExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LeaseAndRentalExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregated carrying amounts of obligations as of the balance sheet date, excluding long-term debt, incurred as part of the normal operations that are expected to be paid after one year or beyond the normal operating cycle, if longer. Alternate captions include Total Deferred Credits and Other Liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 13, 16<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDebtIssuanceCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDebtIssuanceCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Price of a single share of a number of saleable stocks of a company.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25499696&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharePrice</nobr></td>
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                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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<TYPE>XML
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Supplemental Disclosures Of Non-cash Activities (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_SupplementalDisclosuresOfNoncashActivitiesTablesAbstract', window );"><strong>Supplemental Disclosures Of Non-Cash Activities Tables</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock', window );">Schedule of Cash Flow, Supplemental Disclosures</a></td>
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<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="text-align: right; vertical-align: bottom; width: 60%"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="6" style="vertical-align: bottom">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Three Months Ended</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom; width: 60%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">May 31, 2013</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">May 31, 2012</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Accrued interest and penalties related to HP A&#38;M receivable and related promissory notes</font></div>
</td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">78,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; width: 16%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"><font style="display: inline; font: 10pt times new roman">Increase in estimated Tap Participation Fee liability and related discount</font></font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 15%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">7,450,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"><font style="display: inline; font: 10pt times new roman">Farm revenue allocated against the Tap Participation Fee liability and additional paid-in capital</font></font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 15%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">142,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td></tr></table></div><span></span></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_SupplementalDisclosuresOfNoncashActivitiesTablesAbstract</nobr></td>
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                    <td>pcyo_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of supplemental cash flow information for the periods presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td>na</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>63
<FILENAME>R39.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E2XAI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Segment Information (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">9 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>May 31, 2012</div>
        </th>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
        <th class="th">
          <div>May 31, 2012</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
        <td class="nump">$ 413,444<span></span></td>
        <td class="nump">$ 57,567<span></span></td>
        <td class="nump">$ 1,286,367<span></span></td>
        <td class="nump">$ 175,098<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
        <td class="nump">298,929<span></span></td>
        <td class="nump">13,245<span></span></td>
        <td class="nump">974,551<span></span></td>
        <td class="nump">44,354<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationNonproduction', window );">Depletion and depreciation</a></td>
        <td class="nump">55,481<span></span></td>
        <td class="nump">55,574<span></span></td>
        <td class="nump">165,308<span></span></td>
        <td class="nump">164,066<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_OtherSignificantNoncashItemsAbstract', window );"><strong>Other significant noncash items:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation</a></td>
        <td class="nump">19,200<span></span></td>
        <td class="nump">13,600<span></span></td>
        <td class="nump">42,300<span></span></td>
        <td class="nump">42,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">TPF interest expense</a></td>
        <td class="nump">871,864<span></span></td>
        <td class="nump">872,980<span></span></td>
        <td class="nump">2,416,619<span></span></td>
        <td class="nump">2,586,780<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Segment assets</a></td>
        <td class="nump">108,968,322<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">108,968,322<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">111,582,077<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionsToOtherAssetsAmount', window );">Expenditures for segment assets</a></td>
        <td class="nump">178,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">298,800<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Wholesale Water And Wasterwater</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
        <td class="nump">99,700<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">272,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
        <td class="nump">13,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">34,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationNonproduction', window );">Depletion and depreciation</a></td>
        <td class="nump">55,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">165,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_OtherSignificantNoncashItemsAbstract', window );"><strong>Other significant noncash items:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">TPF interest expense</a></td>
        <td class="nump">871,900<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,416,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Segment assets</a></td>
        <td class="nump">6,610,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,610,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionsToOtherAssetsAmount', window );">Expenditures for segment assets</a></td>
        <td class="nump">178,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">298,800<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Agricultural</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
        <td class="nump">296,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">963,900<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
        <td class="nump">268,200<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">890,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationNonproduction', window );">Depletion and depreciation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_OtherSignificantNoncashItemsAbstract', window );"><strong>Other significant noncash items:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">TPF interest expense</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Segment assets</a></td>
        <td class="nump">93,329,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">93,329,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionsToOtherAssetsAmount', window );">Expenditures for segment assets</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">All Other Segments</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
        <td class="nump">17,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">50,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
        <td class="nump">17,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">50,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationNonproduction', window );">Depletion and depreciation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_OtherSignificantNoncashItemsAbstract', window );"><strong>Other significant noncash items:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Stock-based compensation</a></td>
        <td class="nump">19,200<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">42,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">TPF interest expense</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Segment assets</a></td>
        <td class="nump">9,028,400<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,028,400<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionsToOtherAssetsAmount', window );">Expenditures for segment assets</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_OtherSignificantNoncashItemsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_OtherSignificantNoncashItemsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionsToOtherAssetsAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of significant additions in the period in other assets (current, noncurrent, or unclassified).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 17<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionsToOtherAssetsAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 14.F)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (h)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br> -Section F<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllocatedShareBasedCompensationExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 12<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 18<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationNonproduction">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The expense recognized in the current period that allocates the cost of nonproduction tangible assets over their useful lives.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationNonproduction</nobr></td>
                  </tr>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
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                    <td><nobr>us-gaap_GrossProfit</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4D<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624177-113959<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph -4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpenseOther</nobr></td>
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                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
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                <p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_AccruedLiabilitiesDetailNarrativeAbstract', window );"><strong>Accrued Liabilities Detail Narrative</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent', window );">Estimated property taxes</a></td>
        <td class="nump">$ 98,600<span></span></td>
        <td class="nump">$ 60,500<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedProfessionalFeesCurrent', window );">Professional Fees</a></td>
        <td class="nump">44,500<span></span></td>
        <td class="nump">56,800<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedRentCurrent', window );">Farm lease prepayments</a></td>
        <td class="nump">27,900<span></span></td>
        <td class="nump">33,500<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Operating payables</a></td>
        <td class="nump">25,200<span></span></td>
        <td class="nump">21,800<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued Liabilities, Current</a></td>
        <td class="nump">$ 196,217<span></span></td>
        <td class="nump">$ 172,630<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_AccruedLiabilitiesDetailNarrativeAbstract</nobr></td>
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                    <td>pcyo_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Liabilities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35281-107843<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedProfessionalFeesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Liabilities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedProfessionalFeesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedRentCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for contractual rent under lease arrangements. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Liabilities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedRentCurrent</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Liabilities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7018-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAccruedLiabilitiesCurrent</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
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</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>AsOf2011-08-31_ExportWaterSalePaymentsMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>instant</PeriodType><PeriodStartDate>2011-08-31T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Export Water Sale Payments</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ExportWaterSalePaymentsMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="Calendar" Id="0" Label="Aug. 31, 2011" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_ExportWaterSalePaymentsMember" Id="1" Label="Export Water Sale Payments" /></Labels></Column><Column FlagID="0"><Id>16</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2012-09-01to2013-05-31_ExportWaterSalePaymentsMember_InitialExportWaterProceedsToPureCycleMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2012-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-05-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Export Water Sale Payments</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ExportWaterSalePaymentsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Initial Export Water Proceeds To Pure Cycle</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_InitialExportWaterProceedsToPureCycleMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="9 Months Ended" /><Label Key="Calendar" Id="1" Label="May 31, 2013" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_ExportWaterSalePaymentsMember" Id="2" Label="Export Water Sale Payments" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_InitialExportWaterProceedsToPureCycleMember" Id="3" Label="Initial Export Water Proceeds To Pure Cycle" /></Labels></Column><Column FlagID="0"><Id>19</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_ExportWaterSalePaymentsMember_InitialExportWaterProceedsToPureCycleMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Export Water Sale Payments</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ExportWaterSalePaymentsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Initial Export Water Proceeds To Pure Cycle</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_InitialExportWaterProceedsToPureCycleMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_ExportWaterSalePaymentsMember" Id="2" Label="Export Water Sale Payments" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_InitialExportWaterProceedsToPureCycleMember" Id="3" Label="Initial Export Water Proceeds To Pure Cycle" /></Labels></Column><Column FlagID="0"><Id>20</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2012-09-01to2013-05-31_ExportWaterSalePaymentsMember_TotalPotentialThirdPartyObligationMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2012-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-05-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Export Water Sale Payments</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ExportWaterSalePaymentsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Total Potential Third Party Obligation</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_TotalPotentialThirdPartyObligationMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="9 Months Ended" /><Label Key="Calendar" Id="1" Label="May 31, 2013" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_ExportWaterSalePaymentsMember" Id="2" Label="Export Water Sale Payments" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_TotalPotentialThirdPartyObligationMember" Id="3" Label="Total Potential Third Party Obligation" /></Labels></Column><Column FlagID="0"><Id>21</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_ExportWaterSalePaymentsMember_TotalPotentialThirdPartyObligationMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Export Water Sale Payments</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ExportWaterSalePaymentsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Total Potential Third Party Obligation</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_TotalPotentialThirdPartyObligationMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_ExportWaterSalePaymentsMember" Id="2" Label="Export Water Sale Payments" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_TotalPotentialThirdPartyObligationMember" Id="3" Label="Total Potential Third Party Obligation" /></Labels></Column><Column FlagID="0"><Id>22</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_ExportWaterSalePaymentsMember_ParticipatingInterestsLiabilityMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Export Water Sale Payments</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ExportWaterSalePaymentsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Participating Interests Liability</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ParticipatingInterestsLiabilityMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_ExportWaterSalePaymentsMember" Id="2" Label="Export Water Sale Payments" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_ParticipatingInterestsLiabilityMember" Id="3" Label="Participating Interests Liability" /></Labels></Column><Column FlagID="0"><Id>24</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2012-09-01to2013-05-31_ExportWaterSalePaymentsMember_ContingencyMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2012-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-05-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Export Water Sale Payments</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ExportWaterSalePaymentsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Contingency</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ContingencyMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="9 Months Ended" /><Label Key="Calendar" Id="1" Label="May 31, 2013" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_ExportWaterSalePaymentsMember" Id="2" Label="Export Water Sale Payments" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_ContingencyMember" Id="3" Label="Contingency" /></Labels></Column><Column FlagID="0"><Id>25</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_ExportWaterSalePaymentsMember_ContingencyMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Export Water Sale Payments</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ExportWaterSalePaymentsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Contingency</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ContingencyMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_ExportWaterSalePaymentsMember" Id="2" Label="Export Water Sale Payments" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_ContingencyMember" Id="3" Label="Contingency" /></Labels></Column><Column FlagID="0"><Id>26</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_ExportWaterProceedsReceivedMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Acquisitions</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Export Water Proceeds Received</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ExportWaterProceedsReceivedMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember" Id="2" Label="Acquisitions" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_ExportWaterProceedsReceivedMember" Id="3" Label="Export Water Proceeds Received" /></Labels></Column><Column FlagID="0"><Id>27</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_AcquisitionsMember_InitialExportWaterProceedsToPureCycleMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Acquisitions</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_AcquisitionsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Initial Export Water Proceeds To Pure Cycle</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_InitialExportWaterProceedsToPureCycleMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_AcquisitionsMember" Id="2" Label="Acquisitions" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_InitialExportWaterProceedsToPureCycleMember" Id="3" Label="Initial Export Water Proceeds To Pure Cycle" /></Labels></Column><Column FlagID="0"><Id>28</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_AcquisitionsMember_TotalPotentialThirdPartyObligationMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Acquisitions</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_AcquisitionsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Total Potential Third Party Obligation</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_TotalPotentialThirdPartyObligationMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_AcquisitionsMember" Id="2" Label="Acquisitions" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_TotalPotentialThirdPartyObligationMember" Id="3" Label="Total Potential Third Party Obligation" /></Labels></Column><Column FlagID="0"><Id>29</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_AcquisitionsMember_ParticipatingInterestsLiabilityMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Acquisitions</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_AcquisitionsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Participating Interests Liability</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ParticipatingInterestsLiabilityMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_AcquisitionsMember" Id="2" Label="Acquisitions" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_ParticipatingInterestsLiabilityMember" Id="3" Label="Participating Interests Liability" /></Labels></Column><Column FlagID="0"><Id>30</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_AcquisitionsMember_ContingencyMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Acquisitions</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_AcquisitionsMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Contingency</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ContingencyMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_AcquisitionsMember" Id="2" Label="Acquisitions" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_ContingencyMember" Id="3" Label="Contingency" /></Labels></Column><Column FlagID="0"><Id>31</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>From2011-09-01to2012-08-31_ArapahoeCountyTapFeeMember_ParticipatingInterestsLiabilityMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-08-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Arapahoe County Tap Fee</ValueName><ValueType>us-gaap_BusinessAcquisitionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ArapahoeCountyTapFeeMember</Id><dimensionId>us-gaap_BusinessAcquisitionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Participating Interests Liability</ValueName><ValueType>us-gaap_DebtInstrumentAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>pcyo_ParticipatingInterestsLiabilityMember</Id><dimensionId>us-gaap_DebtInstrumentAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>usd</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="CalendarSupplement" Id="0" Label="12 Months Ended" /><Label Key="Calendar" Id="1" Label="Aug. 31, 2012" /><Label Key="us-gaap_BusinessAcquisitionAxis:pcyo_ArapahoeCountyTapFeeMember" Id="2" Label="Arapahoe County Tap Fee" /><Label Key="us-gaap_DebtInstrumentAxis:pcyo_ParticipatingInterestsLiabilityMember" Id="3" Label="Participating Interests Liability" /></Labels></Column><Column FlagID="0"><Id>40</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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          <div style="width: 200px;"><strong>Accrued Liabilities<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 8 &#8211; ACCRUED LIABILITIES</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">At May 31, 2013, the Company had accrued liabilities of $196,200, of which $98,600 was for estimated property taxes, $44,500 was for professional fees, $27,900 was for farm lease prepayments, and $25,200 related to operating payables.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">At August 31, 2012, the Company had accrued liabilities of $172,600, of which $60,500 was for estimated property taxes, $56,800 was for professional fees, $33,500 was for farm lease prepayments, and the remaining $21,800 related to operating payables.</font></div><span></span></td>
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                <p>The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.</p>
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</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>From2011-09-01to2012-05-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2012-05-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="9 Months Ended" /><Label Key="Calendar" Id="1" Label="May 31, 2012" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>1</Level><ElementName>pcyo_ShareholdersEquityTablesAbstract</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Shareholders Equity Tables</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2011-09-01to2012-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table summarizes the stock option activity for the Equity Plan for the nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: left"&gt;
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&lt;tr&gt;
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&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Number of Options&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Exercise Price&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
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&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Remaining Contractual Term&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Approximate Aggregate Instrinsic Value&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
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&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Outstanding at beginning of period (Aug. 31, 2012)&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;215,000&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.88&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; text-align: left; text-indent: 0pt; padding-left: 2%; margin-left: 0pt; margin-right: 0pt"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Granted&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
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&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;32,500&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;3.15&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-left: 2%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Exercised&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px; padding-left: 2%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Forfeited or expired&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Outstanding at May 31, 2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;247,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.52&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6.4&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;161,475&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Options exercisable at May 31, 2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;205,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6.03&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;5.5&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;114,165&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (c)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Schedule of Share-based Compensation, Stock Options, Activity</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2011-09-01to2012-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following table summarizes the activity and value of non-vested options as of and for the nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;br /&gt;
&lt;/div&gt;

&lt;div style="text-align: center"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; width: 60%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Number of Options&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Weighted-Average Grant Date Fair Value&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 60%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Non-vested options outstanding at beginning of period&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;22,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1.72&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-left: 2%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Granted&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;32,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2.36&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-left: 2%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Vested&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;(12,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1.50&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px; padding-left: 2%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Forfeited&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Options not vested at May 31, 2013&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2.28&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the changes in outstanding nonvested shares.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (c)(2)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Schedule of Nonvested Share Activity</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Shareholders' Equity (Tables)</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://purecyclewater.com/role/NoteTables000</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>3</NumberOfRows></InstanceReport>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EDPAI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Long-Term Obligations and Operating Lease (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2"></th>
        <th class="th" colspan="1">9 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">9 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">9 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">9 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1">9 Months Ended</th>
        <th class="th" colspan="21">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Export Water Proceeds Received</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Export Water Proceeds Received</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Initial Export Water Proceeds To Pure Cycle</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Initial Export Water Proceeds To Pure Cycle</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011

</div>
          <div>Initial Export Water Proceeds To Pure Cycle</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Total Potential Third Party Obligation</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Total Potential Third Party Obligation</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011

</div>
          <div>Total Potential Third Party Obligation</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Participating Interests Liability</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Participating Interests Liability</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011

</div>
          <div>Participating Interests Liability</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Contingency</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Contingency</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011

</div>
          <div>Contingency</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011

</div>
          <div>Export Water Sale Payments</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Export Water Sale Payments

</div>
          <div>Export Water Proceeds Received</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Export Water Sale Payments

</div>
          <div>Export Water Proceeds Received</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Export Water Sale Payments

</div>
          <div>Initial Export Water Proceeds To Pure Cycle</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Export Water Sale Payments

</div>
          <div>Initial Export Water Proceeds To Pure Cycle</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Export Water Sale Payments

</div>
          <div>Total Potential Third Party Obligation</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Export Water Sale Payments

</div>
          <div>Total Potential Third Party Obligation</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Export Water Sale Payments

</div>
          <div>Participating Interests Liability</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Export Water Sale Payments

</div>
          <div>Participating Interests Liability</div>
        </th>
        <th class="th">
          <div>May 31, 2013

</div>
          <div>Export Water Sale Payments

</div>
          <div>Contingency</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Export Water Sale Payments

</div>
          <div>Contingency</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Acquisitions

</div>
          <div>Export Water Proceeds Received</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Acquisitions

</div>
          <div>Initial Export Water Proceeds To Pure Cycle</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Acquisitions

</div>
          <div>Total Potential Third Party Obligation</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Acquisitions

</div>
          <div>Participating Interests Liability</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Acquisitions

</div>
          <div>Contingency</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Option Payments

</div>
          <div>Export Water Proceeds Received</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Option Payments

</div>
          <div>Initial Export Water Proceeds To Pure Cycle</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Option Payments

</div>
          <div>Total Potential Third Party Obligation</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Option Payments

</div>
          <div>Participating Interests Liability</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2012

</div>
          <div>Option Payments

</div>
          <div>Contingency</div>
        </th>
        <th class="th" colspan="2">
          <div>Aug. 31, 2012

</div>
          <div>Arapahoe County Tap Fee

</div>
          <div>Export Water Proceeds Received</div>
        </th>
        <th class="th" colspan="2">
          <div>Aug. 31, 2012

</div>
          <div>Arapahoe County Tap Fee

</div>
          <div>Initial Export Water Proceeds To Pure Cycle</div>
        </th>
        <th class="th" colspan="2">
          <div>Aug. 31, 2012

</div>
          <div>Arapahoe County Tap Fee

</div>
          <div>Total Potential Third Party Obligation</div>
        </th>
        <th class="th" colspan="2">
          <div>Aug. 31, 2012

</div>
          <div>Arapahoe County Tap Fee

</div>
          <div>Participating Interests Liability</div>
        </th>
        <th class="th" colspan="2">
          <div>Aug. 31, 2012

</div>
          <div>Arapahoe County Tap Fee

</div>
          <div>Contingency</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BorrowedFunds', window );">Balance</a></td>
        <td class="nump">$ 912,700<span></span></td>
        <td class="nump">$ 754,700<span></span></td>
        <td class="nump">$ 27,692,100<span></span></td>
        <td class="nump">$ 27,802,700<span></span></td>
        <td class="nump">$ 218,500<span></span></td>
        <td class="nump">$ 3,421,400<span></span></td>
        <td class="nump">$ 3,468,800<span></span></td>
        <td class="nump">$ 31,807,700<span></span></td>
        <td class="nump">$ 1,192,400<span></span></td>
        <td class="nump">$ 1,208,900<span></span></td>
        <td class="nump">$ 11,090,600<span></span></td>
        <td class="nump">$ 2,229,000<span></span></td>
        <td class="nump">$ 2,259,900<span></span></td>
        <td class="nump">$ 20,717,100<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfDebt', window );">Activities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 158,000<span></span></td>
        <td class="nump">$ 111,300<span></span></td>
        <td class="num">$ (110,600)<span></span></td>
        <td class="num">$ (77,900)<span></span></td>
        <td class="num">$ (47,400)<span></span></td>
        <td class="num">$ (33,400)<span></span></td>
        <td class="num">$ (16,500)<span></span></td>
        <td class="num">$ (12,100)<span></span></td>
        <td class="num">$ (30,900)<span></span></td>
        <td class="num">$ (21,300)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">$ 28,077,500<span></span></td>
        <td class="num">$ (28,077,500)<span></span></td>
        <td class="num">$ (9,790,000)<span></span></td>
        <td class="num">$ (18,287,500)<span></span></td>
        <td class="nump">$ 110,400<span></span></td>
        <td class="num">$ (42,300)<span></span></td>
        <td class="num">$ (68,100)<span></span></td>
        <td class="num">$ (23,800)<span></span></td>
        <td class="num">$ (44,300)<span></span></td>
        <td class="nump">$ 533,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (373,100)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (159,900)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (55,800)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="num">$ (104,100)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr>
        <td colspan="46"></td>
      </tr>
      <tr>
        <td colspan="46">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">The Arapahoe County tap fees are less $34,522 in royalties paid to the Land Board.</td>
            </tr>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of all debt, including all short-term borrowings, long-term debt, collateralized financings, and capital lease obligations.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow in aggregate debt due to repayments and proceeds from additional borrowings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Supplemental Disclosures Of Non-cash Activities<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>May 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_SupplementalDisclosuresOfNoncashActivitiesAbstract', window );"><strong>Supplemental Disclosures Of Non-Cash Activities</strong></a></td>
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 11 &#8211; SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES</font></div>

<div style="text-indent: 0pt; display: block">&#160;</div>

<div style="text-align: left">
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<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Three Months Ended</font></div>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">May 31, 2013</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">May 31, 2012</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Accrued interest and penalties related to HP A&#38;M receivable and related promissory notes</font></div>
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<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">78,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; width: 16%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"><font style="display: inline; font: 10pt times new roman">Increase in estimated Tap Participation Fee liability and related discount</font></font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 15%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
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<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"><font style="display: inline; font: 10pt times new roman">Farm revenue allocated against the Tap Participation Fee liability and additional paid-in capital</font></font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 15%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
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<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashFlowSupplementalDisclosuresTextBlock</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R22.xml
<DESCRIPTION>IDEA: Segment Information (Tables)
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>0022 - Disclosure - Segment Information (Tables)</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>From2012-09-01to2013-05-31</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000276720</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2012-09-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-05-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="9 Months Ended" /><Label Key="Calendar" Id="1" Label="May 31, 2013" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>1</Level><ElementName>pcyo_SegmentInformationTablesAbstract</ElementName><ElementPrefix>pcyo_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Segment Information Tables</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"&gt;&lt;font style="display: inline; font: 10pt Times New Roman"&gt;The following tables show information by operating segment for the three and nine months ended May 31, 2013:&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt times new roman"&gt;Three months ended May 31, 2013&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;
&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;
&lt;div&gt;
&lt;div style="text-align: left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Business segments&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Wholesale&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;water and&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;wastewater&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Agricultural&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;All Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Revenues&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;99,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;296,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;17,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;413,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gross profit&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;13,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;268,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;17,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;298,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Depletion and depreciation&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;55,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;55,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Other significant noncash items:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Stock-based compensation&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;19,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;19,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;TPF interest expense&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;871,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;871,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Segment assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;93,329,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6,610,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;9,028,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;108,968,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Expenditures for segment assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;178,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;178,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&lt;/div&gt;&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;

&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt times new roman"&gt;Nine months ended May 31, 2013&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;
&lt;/div&gt;


&lt;div style="text-align: left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Business segments&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Wholesale&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;water and&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;wastewater&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Agricultural&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;All Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Revenues&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;272,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;963,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;50,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1,286,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Gross profit&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;34,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;890,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;50,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;974,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Depletion and depreciation&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;165,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;165,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Other significant noncash items:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,300&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,300&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Significant Customers<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>May 31, 2013</div>
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 7 &#8211; SIGNIFICANT CUSTOMERS</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company sells wholesale water and wastewater services to the District pursuant to the Rangeview Water Agreements (defined in Note 4 &#8211; <font style="font-style: italic; display: inline">Water Assets</font> to the 2012 Annual Report). Sales to the District accounted for 36% and 57% of the Company&#8217;s total water and wastewater revenues for the three months ended May 31, 2013 and 2012, respectively. Sales to the District accounted for 41% and 79% of the Company&#8217;s water and wastewater revenues for the nine months ended May 31, 2013 and 2012, respectively. The District has one significant customer. Pursuant to the Rangeview Water Agreements the Company is providing water and wastewater services to this customer on behalf of the District. The District&#8217;s significant customer accounted for 31% and 37% of the Company&#8217;s total water and wastewater revenues for the three months ended May 31, 2013 and 2012, respectively. The District&#8217;s significant customer accounted for 35% and 49% of the Company&#8217;s water and wastewater revenues for the nine months ended May 31, 2013 and 2012, respectively.</font></div>

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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Revenues from another customer represented approximately 49% and 50% of the Company&#8217;s water and wastewater revenues for the three and nine months ended May 31, 2013, respectively. The other customer had no revenues for the three and nine months ended May 31, 2012.</font></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company had accounts receivable from the District which accounted for 12% and 16% of the Company&#8217;s trade receivables balances at May 31, 2013 and August 31, 2012, respectively. Accounts receivable from the District&#8217;s largest customer accounted for 10% and 13% of the Company&#8217;s trade receivables as of May 31, 2013 and August 31, 2012, respectively.</font></div><span></span></td>
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                <p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Fair Value Measurements<br></strong></div>
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          <div>May 31, 2013</div>
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        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 2<font style="font-style: italic; display: inline"> &#8211; </font>FAIR VALUE MEASUREMENTS</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Level 1 &#8212; Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. The Company had none of these instruments at May 31, 2013.</font></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Level 2 &#8212; Valuations for assets and liabilities obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company had no Level 2 assets or liabilities at May 31, 2013.</font></div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Level 3 &#8212; Valuations for assets and liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The Company had one Level 3 liability at May 31, 2013, the Tap Participation Fee liability, which is described in greater detail in Note 4 &#8211; <font style="font-style: italic; display: inline">Long-Term Obligations and Operating Lease</font> below.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company maintains policies and procedures to value instruments using the best and most relevant data available.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The Company&#8217;s non-financial assets measured at fair value on a non-recurring basis consist entirely of its investments in water and water systems and other long-lived assets. See Note 3 &#8211; <font style="font-style: italic; display: inline">Investment in Water, Water Systems, Land and Improvements</font> below.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman"><font style="font-style: italic; display: inline; font-weight: bold">Level 3 Liability &#8211; Tap Participation Fee. </font>The Company&#8217;s Tap Participation Fee liability is the Company&#8217;s only financial liability measured on a non-recurring basis. As further described in Note 4 &#8211; <font style="font-style: italic; display: inline">Long-Term Obligations and Operating Lease</font>, the Tap Participation Fee liability is valued by projecting new home development in the Company&#8217;s targeted service area over an estimated development period.</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of May 31, 2013:</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">&#160;</font></div>

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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Significant Unobservable Inputs</font></div>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total Unrealized</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; border-top-style: none; border-top-width: medium"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Fair Value</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Value</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">(Level&#160;1)</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">(Level&#160;2)</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">(Level&#160;3)</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Gain</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 34%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Tap Participation Fee liability</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">70,685,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">70,685,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 7%; text-align: right"><font style="display: inline; font: 10pt times new roman">70,685,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt Times New Roman">Although not required, the Company deems the following table, which presents the changes in the Tap Participation Fee for the nine months ended May 31, 2013, to be helpful to the users of its consolidated financial statements:</font></div>

<div style="text-indent: 0pt; display: block"></div>

<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>


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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Fair Value Measurement using Significant Unobservable Inputs (Level 3)</font></div>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Gross Estimated Tap Participation Fee Liability</font></div>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Tap Participation Fee Reported Liability</font></div>
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<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Discount - to be imputed as interest expense in future periods</font></div>
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<td style="text-align: left; vertical-align: bottom; width: 46%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Balance at August 31, 2012</font></div>
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<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">112,958,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">68,269,200</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">44,688,800</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 46%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total gains and losses (realized and unrealized):</font></div>
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<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
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<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Imputed interest recorded as &#8220;Other Expense&#8221;</font></div>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">2,416,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; text-align: right"><font style="display: inline; font: 10pt times new roman">(2,416,600</font></td>
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<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Transfers in and/or out of Level 3</font></div>
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<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Balance at May 31, 2013</font></div>
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<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">112,958,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">70,685,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 13%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">42,272,200</font></td>
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                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
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&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Accrued interest and penalties related to HP A&amp;#38;M receivable and related promissory notes&lt;/font&gt;&lt;/div&gt;
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EVLAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Shareholders' Equity (Details 1) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>May 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfOptions1Abstract', window );"><strong>Number of options</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares', window );">Outstanding, beginning - Number of options</a></td>
        <td class="nump">22,500<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Granted - Number of options</a></td>
        <td class="nump">32,500<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares', window );">Vested - Number of options</a></td>
        <td class="num">(12,500)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares', window );">Forfeited - Number of options</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares', window );">Outstanding, ending - Number of options</a></td>
        <td class="nump">42,500<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_WeightedAverageGrantDateFairValueAbstract', window );"><strong>Weighted average grant date fair value</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Outstanding, beginning - Weighted average grant date fair value</a></td>
        <td class="nump">$ 1.72<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted - Weighted average grant date fair value</a></td>
        <td class="nump">$ 2.36<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue', window );">Vested - Weighted average grant date fair value</a></td>
        <td class="nump">$ 1.50<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue', window );">Forfeited - Weighted average grant date fair value</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Outstanding, ending - Weighted average grant date fair value</a></td>
        <td class="nump">$ 2.28<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                    <td><nobr>pcyo_WeightedAverageGrantDateFairValueAbstract</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross number of share options (or share units) granted during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</nobr></td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (d)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</nobr></td>
                  </tr>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of non-vested options outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td>na</td>
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                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of non-vested options forfeited.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Weighted average grant-date fair value of non-vested options forfeited.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>Weighted average grant-date fair value of non-vested options outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td>na</td>
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                <p>Number of options vested.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Weighted average grant-date fair value of options vested.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Investments in Water, Water Systems, Land and Improvements (Tables)<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>May 31, 2013</div>
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        <td class="text">&#xA0;<span></span></td>
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<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">May 31, 2013</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">August 31, 2012</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Costs</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Accumulated Depreciation and Depletion</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Accumulated Depreciation and Depletion</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Arkansas River Valley assets</font></div>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
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<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Rangeview water supply</font></div>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(7,500</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">14,376,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(7,100</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Sky Ranch water rights and other costs</font></div>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">3,930,500</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(72,600</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">3,924,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(50,800</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Fairgrounds water and water system</font></div>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">2,899,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(600,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">2,899,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(534,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Rangeview water system</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">167,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(71,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">167,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">(67,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Water supply &#8211; other</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">26,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(21,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">25,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(19,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Totals</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">90,804,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(2,218,200</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">90,505,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(1,995,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="vertical-align: bottom; width: 36%"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Net investments in water and water systems</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">88,586,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">88,510,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 2px">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Sky Ranch land and improvements, net</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">3,770,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">3,778,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total net investments in water, water systems, land and improvements</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">92,356,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">92,288,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr></table>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph b<br><br> -Article 5<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Segment Information<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>May 31, 2013</div>
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        <td class="text"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt Times New Roman">NOTE 10 &#8211; SEGMENT INFORMATION</font></div>

<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">The Company operates primarily in two lines of business: (i) the wholesale water and wastewater business; and (ii) the agricultural farming business. The Company provides wholesale water and wastewater services to customers using water rights owned by the Company and develops infrastructure to divert, treat and distribute that water and collect, treat and reuse wastewater. The Company&#8217;s agricultural business consists of the Company leasing its Arkansas River Valley land and water to area farmers under cash leases or in certain cases crop share leases. The following tables show information by operating segment for the three and nine months ended May 31, 2013:</font></div>

<div style="text-indent: 0pt; display: block">&#160;</div>

<div style="text-indent: 0pt; display: block">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt times new roman">Three months ended May 31, 2013</font></div>

<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>
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<div style="text-indent: 0pt; display: block">
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<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="text-align: left; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Business segments</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="text-align: left; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Wholesale</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="text-align: left; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">water and</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">wastewater</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Agricultural</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">All Other</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Revenues</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">99,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">296,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">17,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">413,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Gross profit</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">13,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">268,200</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">17,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">298,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Depletion and depreciation</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">55,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">55,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Other significant noncash items:</font></div>
</td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Stock-based compensation</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">19,200</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">19,200</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">TPF interest expense</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">871,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">871,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Segment assets</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">93,329,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">6,610,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">9,028,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">108,968,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Expenditures for segment assets</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">178,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">178,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr></table>
</div>
</div>
</div>

<div style="text-indent: 0pt; display: block">&#160;&#160;</div>

<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt times new roman">Nine months ended May 31, 2013</font></div>

<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>
</div>


<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Business segments</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Wholesale</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">water and</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">wastewater</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Agricultural</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">All Other</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">&#160;Revenues</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">272,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">963,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">50,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">1,286,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">&#160;Gross profit</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">34,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">890,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">50,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">974,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">&#160;Depletion and depreciation</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">6,610,300</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">9,028,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">108,968,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">&#160;Expenditures for segment assets</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">298,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">298,800</font></td>
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0.9pt"><font style="display: inline; font: 10pt Times New Roman">As of May 31, 2012, the Company had only one operating segment.</font></div><span></span></td>
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                <p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p>
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

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 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Wholesale</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="text-align: left; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; text-align: center">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">water and</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">wastewater</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="3" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Agricultural</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">All Other</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Revenues</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">99,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">296,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">17,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">413,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Gross profit</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">13,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">268,200</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">17,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">298,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Depletion and depreciation</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">55,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">55,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Other significant noncash items:</font></div>
</td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Stock-based compensation</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">19,200</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">19,200</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">TPF interest expense</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">871,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">871,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Segment assets</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">93,329,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">6,610,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">9,028,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">108,968,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Expenditures for segment assets</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">178,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">178,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr></table>
</div>
</div>
</div>

<div style="text-indent: 0pt; display: block"></div><div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>

<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt times new roman">Nine months ended May 31, 2013</font></div>

<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">&#160;</div>
</div>


<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Business segments</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Wholesale</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">water and</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">wastewater</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Agricultural</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">All Other</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Total</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">&#160;Revenues</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">272,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">963,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">50,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">1,286,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">&#160;Gross profit</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">34,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">890,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">50,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">974,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">&#160;Depletion and depreciation</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">165,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">165,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 36%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">&#160;Other significant noncash items:</font></div>
</td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Stock-based compensation</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">42,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">42,300</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right"><font style="display: inline; font: 10pt times new roman">298,800</font></td>
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                <p>Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.</p>
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&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;wastewater&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Agricultural&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;All Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid; text-align: center"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Revenues&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;99,700&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;296,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;17,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;413,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Gross profit&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;13,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;268,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;17,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;298,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Depletion and depreciation&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;55,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;55,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Other significant noncash items:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Stock-based compensation&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;19,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;19,200&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;TPF interest expense&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;871,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;871,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Segment assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;93,329,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6,610,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;9,028,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;108,968,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Expenditures for segment assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;178,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;178,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;div style="text-indent: 0pt; display: block"&gt;&amp;#160;&amp;#160;&lt;/div&gt;

&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: bold 10pt times new roman"&gt;Nine months ended May 31, 2013&lt;/font&gt;&lt;/div&gt;

&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&amp;#160;&lt;/div&gt;
&lt;/div&gt;


&lt;div style="text-align: left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"&gt;
&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Business segments&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Wholesale&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;water and&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;wastewater&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Agricultural&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;All Other&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"&gt;
&lt;div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Total&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160; &lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="vertical-align: bottom"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Revenues&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;272,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;963,900&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;50,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;1,286,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Gross profit&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;34,100&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;890,000&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;50,500&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;974,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Depletion and depreciation&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;165,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;165,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Other significant noncash items:&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;Stock-based compensation&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;42,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: white"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%; padding-left: 0pt; margin-left: 9pt"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;TPF interest expense&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,416,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;2,416,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;tr style="background-color: #cceeff"&gt;
&lt;td style="text-align: left; vertical-align: bottom; width: 36%"&gt;
&lt;div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;Segment assets&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;93,329,600&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;6,610,300&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 11%; text-align: right"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;9,028,400&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; vertical-align: bottom; width: 3%"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1%; text-align: left"&gt;&lt;font style="display: inline; font: 10pt times new roman"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(18,287,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 30%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman"><font style="display: inline; font: 10pt times new roman">Option payments - Sky Ranch </font>and The Hills at Sky Ranch</font></div>
</div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">110,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(42,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(68,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(23,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(44,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 30%; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Arapahoe County tap fees *</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">533,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(373,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(159,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(55,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(104,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Export Water sale payments</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">111,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(77,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(33,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(12,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(21,300</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 30%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Balance at August 31, 2012</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">754,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">27,802,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">3,468,800</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">1,208,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">2,259,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 30%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="font: italic 10pt times new roman; display: inline">Fiscal 2013 activity:</font></div>
</td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Export Water sale payments</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">158,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(110,600</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(47,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(16,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(30,900</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 30%; padding-bottom: 4px">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Balance at May 31, 2013</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">912,700</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">27,692,100</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">3,421,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">1,192,400</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">2,229,000</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr></table>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_LongtermObligationsAndOperatingLeaseTablesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_LongtermObligationsAndOperatingLeaseTablesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfDebtTableTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfDebtTableTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R35.xml
<DESCRIPTION>IDEA: Significant Customers (Details Narrative)
<TEXT>
<XBRL>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ENGAE">
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				 2013<span></span></td>
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                <p>End date of current fiscal year in the format --MM-DD.</p>
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                <p>No definition available.</p>
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                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
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                <p>No definition available.</p>
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                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
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                <p>No definition available.</p>
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                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
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                <p>No definition available.</p>
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                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
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                <p>No definition available.</p>
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                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
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                <p>No definition available.</p>
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                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
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                <p>No definition available.</p>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
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          <div style="width: 200px;"><strong>Shareholders' Equity (Tables)<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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      <tr>
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          <div>May 31, 2012</div>
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<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
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<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Number of Options</font></div>
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<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Weighted-Average Exercise Price</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid">
<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Weighted-Average Remaining Contractual Term</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Approximate Aggregate Instrinsic Value</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Outstanding at beginning of period (Aug. 31, 2012)</font></div>
</td>
<td style="text-align: right; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="display: inline; font: 10pt times new roman">215,000</font></td>
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<td style="text-align: right; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
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<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; text-align: left; text-indent: 0pt; padding-left: 2%; margin-left: 0pt; margin-right: 0pt">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Granted</font></div>
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<td style="text-align: right; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Exercised</font></div>
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<td style="text-align: right; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
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<td style="text-align: left; vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
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<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px; padding-left: 2%">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Forfeited or expired</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: left; vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">&#8212;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: black 2px solid"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Outstanding at May 31, 2013</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">247,500</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">5.52</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">6.4</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">161,475</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="text-align: left; vertical-align: bottom; width: 36%; padding-bottom: 4px">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Options exercisable at May 31, 2013</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">205,000</font></td>
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<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 11%; text-align: right; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">5.5</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 11%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">114,165</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-indent: 0pt; display: block"><br />
</div>

<div style="text-align: center">
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<td style="vertical-align: bottom; width: 60%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160; </font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid">
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<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Weighted-Average Grant Date Fair Value</font></div>
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<td style="text-align: left; vertical-align: bottom; width: 60%">
<div style="text-align: left; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Non-vested options outstanding at beginning of period</font></div>
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<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 15%; text-align: right"><font style="display: inline; font: 10pt times new roman">22,500</font></td>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Granted</font></div>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
<td style="vertical-align: bottom; width: 15%; text-align: right"><font style="display: inline; font: 10pt times new roman">32,500</font></td>
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<td style="vertical-align: bottom; width: 15%; text-align: right"><font style="display: inline; font: 10pt times new roman">2.36</font></td>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Vested</font></div>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<td style="vertical-align: bottom; width: 15%; text-align: right"><font style="display: inline; font: 10pt times new roman">(12,500</font></td>
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<td style="text-align: right; vertical-align: bottom; width: 3%"><font style="display: inline; font: 10pt times new roman">&#160;</font></td>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Forfeited</font></div>
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<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">Options not vested at May 31, 2013</font></div>
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<td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">42,500</font></td>
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<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">2.28</font></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the changes in outstanding nonvested shares.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                <p>Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.</p>
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 -Publisher SEC

 -Name Regulation 12B

 -Number 240

 -Section 12b

 -Subsection 1



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</LabelSeparator><Level>2</Level><ElementName>dei_EntityCurrentReportingStatus</ElementName><ElementPrefix>dei_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>Yes</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>dei:yesNoItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Entity Current Reporting Status</Label></Row><Row FlagID="0"><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>dei_EntityVoluntaryFilers</ElementName><ElementPrefix>dei_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>No</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>dei:yesNoItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Entity Voluntary Filers</Label></Row><Row FlagID="0"><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>dei_EntityWellKnownSeasonedIssuer</ElementName><ElementPrefix>dei_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>No</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>dei:yesNoItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Entity Well-known Seasoned Issuer</Label></Row><Row FlagID="0"><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>dei_EntityFilerCategory</ElementName><ElementPrefix>dei_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-09-01to2013-05-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>Smaller Reporting Company</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>dei:filerCategoryItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Entity Filer Category</Label></Row><Row FlagID="0"><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
