<SEC-DOCUMENT>0001654954-16-003152.txt : 20161028
<SEC-HEADER>0001654954-16-003152.hdr.sgml : 20161028
<ACCEPTANCE-DATETIME>20161027174048
ACCESSION NUMBER:		0001654954-16-003152
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		73
CONFORMED PERIOD OF REPORT:	20160831
FILED AS OF DATE:		20161028
DATE AS OF CHANGE:		20161027

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-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		161956455

	BUSINESS ADDRESS:	
		STREET 1:		1490 LAFAYETTE STREET
		STREET 2:		SUITE 203
		CITY:			DENVER
		STATE:			CO
		ZIP:			80218
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		1490 LAFAYETTE STREET
		STREET 2:		SUITE 203
		CITY:			DENVER
		STATE:			CO
		ZIP:			80218
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>a201610-kv4.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Washington, D.C. 20549</font></div>
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Form 10-K</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">[X]</font> <font style="color: rgb(0, 0, 0);">ANNUAL REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></font></div>
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For the fiscal year ended August 31, 2016</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">[ ] TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></font></div>
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Commission File Number 0-8814</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 16px; font-weight: bold;">
PURE CYCLE CORPORATION</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(Exact name of registrant as specified in its charter)</font></div>
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Colorado</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
84-0705083</font></div>
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(State or other jurisdiction of incorporation</font></div>
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or organization)</font></div>
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(I.R.S. Employer Identification No.)</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
34501 E. Quincy Ave., Bldg. 34, Box 10</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Watkins, CO 80137</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
(303) 292-3456</font></div>
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(Address of principal executive offices) (Zip Code)</font></div>
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(Registrant&#x2019;s telephone number, including area
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Securities registered pursuant to Section 12(b) of the
Act:</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Common Stock 1/3 of $.01 par value</font></div>
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<td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
The NASDAQ Stock Market, LLC</font></div>
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(Title of each class)</font></div>
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(Name of each exchange on which registered)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Securities registered pursuant to Section
12(g) of the Act:</font> <font style="color: rgb(0, 0, 0); font-weight: bold;">NONE</font></font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.</font></div>
<div style="text-align: right; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Yes
[ ] No [X]</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the
Act.</font></div>
<div style="text-align: right; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Yes
[ ] No [X]</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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.</font></div>
<div style="text-align: right; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Yes
[X] No [ ]</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate website, if any, every
Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (Section 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). Yes [X] No
[ ]</font></div>
</td>
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<td colspan="2" style="width: 100%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Indicate by check mark if disclosure of delinquent filers pursuant
to Item&#xA0;405 of Regulation S-K (Section 229.405 of this
chapter) is not contained herein, and will not be contained, to the
best of registrant&#x2019;s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of
this Form&#xA0;10-K or any amendment to this Form&#xA0;10-K
[X]</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 100%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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 &#x201C;large
accelerated filer,&#x201D; &#x201C;accelerated filer,&#x201D; and
&#x201C;smaller reporting company&#x201D; in Rule 12b-2 of the
Exchange Act:</font></div>
</td>
</tr><tr>
<td colspan="2" style="width: 100%; vertical-align: top;">
<div style="text-indent: 0px; margin-right: 0px; margin-left: 0px;">Large
accelerated filer[ ]Accelerated filer[X]Non-accelerated filer[ ](Do
not check if a smaller reporting company)Smaller reporting company[
]</div>
</td>
</tr><tr>
<td colspan="2" style="width: 100%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act). Yes [ ] No [X]</font></div>
</td>
</tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="2" style="width: 100%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the
price at which the common equity was last sold, or the average bid
and asked price of such common equity, as of the last business day
of the registrant&#x2019;s most recently completed second fiscal
quarter: $78,578,883</font></div>
</td>
</tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="2" style="width: 100%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Indicate the number of shares outstanding of
each of the registrant&#x2019;s classes of common stock, as of the
latest practicable date: October 27, 2016:</font>
23,754,098</font></div>
</td>
</tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="2" style="width: 100%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(255, 255, 255);">
<td colspan="2" style="width: 100%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
DOCUMENTS INCORPORATED BY REFERENCE</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The information required by Part III is incorporated by reference
from the registrant&#x2019;s definitive proxy statement for the
Annual Meeting of Shareholders to be held in January 2017, which
will be filed with the SEC within 120 days of the close of the
fiscal year ended August 31, 2016.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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Table of Contents</font></div>
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<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Item</font></div>
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<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Page</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
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<br></td>
<td colspan="1" style="vertical-align: bottom; width: 76%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Part I</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
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</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
1</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Business</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
1A.</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Risk
Factors</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">17</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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1B.</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Unresolved
Staff Comments</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Properties</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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3</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Legal
Proceedings</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
4</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Mine
Safety Discolosures</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 12%;">
<br></td>
<td colspan="1" style="vertical-align: bottom; width: 76%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Part
II</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">5</font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-left:0px;margin-right:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;Market for
Registrant's Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities<br></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;display:inline-block;">24</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
6</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Selected
Financial Data</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">26</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
7</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Management&#x2019;s
Discussion and Analysis of Financial Condition and Results of
Operations</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">27</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
7A.</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Quantitative
and Qualitative Disclosures About Market Risk</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">37</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
8</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Consolidated
Financial Statements and Supplementary Data</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">38</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
9</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">39</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
9A.</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Controls
and Procedures</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">39</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
9B.</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Other
Information</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 12%;">
<br></td>
<td colspan="1" style="vertical-align: bottom; width: 76%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Part
III</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
10</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Directors,
Executive Officers and Corporate Governance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
11</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Executive
Compensation</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">12</font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-left:0px;margin-right:0px;"><font style="font-family: Times New Roman; font-size: 13px">Security Ownership
of Certain Beneficial Owners and Managemetnt and Related
Stockiholder Matters&#xA0;&#xA0;&#xA0;<br></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">40</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
13</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Certain
Relationships and Related Transactions and Director
Independence</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
14</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Principal
Accountant Fees and Services</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 12%;">
<br></td>
<td colspan="1" style="vertical-align: bottom; width: 76%;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Part
IV</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
15</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Exhibits
and Financial Statement Schedules</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">41</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="2" style="vertical-align:bottom;width:88%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 12%;">
<br></td>
<td colspan="1" style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Signatures</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">42</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">i</font></div>
</div>
<div id="pb" style="text-align: center; width: 100%; height: 1px; margin-right: 0px; margin-bottom: 6px; margin-left: 0px; page-break-after: always; background-color: rgb(0, 0, 0);">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
FORWARD-LOOKING STATEMENTS</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Statements that are not historical facts
contained in this Annual Report on Form 10-K, or incorporated by
reference into this Form 10-K, are</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#x201C;forward-looking
statements&#x201D; within the meaning of the Private Securities
Litigation Reform Act of 1995, Section&#xA0;27A of the Securities
Act of 1933, as amended (the &#x201C;Securities Act&#x201D;), and
Section&#xA0;21E of the Securities Exchange Act of 1934, as amended
(the &#x201C;Exchange Act&#x201D;).</font> <font style="color: rgb(0, 0, 0);">The words &#x201C;anticipate,&#x201D;
&#x201C;seek,&#x201D; &#x201C;project,&#x201D; &#x201C;future,&#x201D;
&#x201C;likely,&#x201D; &#x201C;believe,&#x201D; &#x201C;may,&#x201D;
&#x201C;should,&#x201D; &#x201C;could,&#x201D; &#x201C;will,&#x201D;
&#x201C;estimate,&#x201D; &#x201C;expect,&#x201D; &#x201C;plan,&#x201D;
&#x201C;intend&#x201D; and similar expressions, as they relate to us,
are intended to identify forward-looking statements.
Forward-looking statements include statements relating to, among
other things:</font></font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
factors affecting demand for water;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
our competitive advantage;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
plans to develop additional water assets within the Denver
area;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
future water supply needs in Colorado and how such needs will be
met;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
anticipated increases in residential and commercial demand for
water services and competition for these services;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
estimated population increases in the Denver metropolitan area and
the South Platte River basin;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
plans for the use and development of our water assets and potential
delays;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
plans to provide water for drilling and hydraulic fracturing of oil
and gas wells;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
changes in oil and gas drilling activity on our property and on the
Lowry Range;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
regional cooperation among area water providers in the development
of new water supplies and water storage, transmission and
distribution systems as the most cost-effective way to expand and
enhance service capacities;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the impact of individual housing and economic cycles on the number
of connections we can serve with our water;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
increases in future water tap fees;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
negotiation of payment terms for fees;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
plans for development of our Sky Ranch property;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the number of units planned for the first phase of development at
Sky Ranch;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
anticipated revenues from full development of our Sky Ranch
property;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the impact of the downturn in the homebuilding and credit markets
on our business and financial condition;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the sufficiency of our working capital and financing sources to
fund our operations;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
estimated supply capacity of our water assets;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
need for additional production capacity;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
use of raw and reclaimed water for outdoor irrigation;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
costs and plans for treatment of water and wastewater;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
plans to use effluent water for agricultural and irrigation
uses;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
participation in regional water projects, including
&#x201C;WISE&#x201D; and the timing and availability of water from
WISE;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
our ability to assist Colorado &#x201C;Front Range&#x201D; water
providers in meeting current and future water needs;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
timing of and interpretation of Land Board royalties;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the number of new water connections needed to recover the costs of
our water supplies;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the adequacy of the provisions in the &#x201C;Lease&#x201D; for the
Lowry Range to cover present and future circumstances;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
plans for office space;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
factors that may impact labor and material costs;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
loss of key employees and hiring additional personnel for our
operations;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
anticipated timing and amount of, and sources of funding for (i)
capital expenditures to construct infrastructure and increase
production capacities, (ii) compliance with water, environmental
and other regulations, and (iii) operations including delivery and
treatment of water and wastewater;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the ability of our deep water well enhancement tool and process to
increase efficiency of wells and our plans to market that product
to area water providers;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
our ability to reduce the amount of up-front construction costs for
water and wastewater systems;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
ability to generate working capital and market our water
assets;</font></div>
</div>
</div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</div>
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</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
plans to sell certain farms and recover the costs associated with
acquiring those farms;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
service life of constructed facilities;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
use of third parties to construct facilities required to extend
water and wastewater services;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
payment of amounts due from Rangeview Metropolitan District and Sky
Ranch Metropolitan District #5;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
estimated property taxes;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
utilization of net operating losses;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
capital expenditures for investing in expenses and assets of the
District;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the impact of water quality, solid waste disposal and environmental
regulations on our financial condition and results of
operations;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
environmental clean-up at the Lowry Range by the U.S. Army Corps of
Engineers;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
our ability to comply with permit requirements and environmental
regulations and the cost of such compliance;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
our ability to meet customer demands in a sustainable and
environmentally friendly way;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the recoverability of construction and acquisition costs from
rates;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
our belief that we are not a public utility under Colorado
law;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
our belief that we are not an investment company under the
Investment Company Act of 1940, as amended;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
impairments in carrying amounts of long-lived assets;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
changes in unrecognized tax positions;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
plans to retain earnings and not pay dividends;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
forfeitures of option grants, vesting of non-vested options and the
fair value of option awards;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the effectiveness of our disclosure controls and procedures and our
internal controls over financial reporting;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
accounting estimates and the impact of new accounting
pronouncements;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
future fluctuations in the price and trading volume of our common
stock; and</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
timing of the filing of our proxy statement.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-top: 13.3px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Forward-looking statements reflect our
current views with respect to future events and are subject to
certain risks, uncertainties and assumptions.</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">We cannot
assure you that any of our expectations will be realized.</font>
<font style="color: rgb(0, 0, 0);">Our actual results could differ
materially from those in such statements. Factors that could cause
actual results to differ from those contemplated by such
forward-looking statements include, without
limitation:</font></font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
population growth;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
employment rates;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
timing of oil and gas development in the areas where we sell our
water;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
general economic conditions;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the market price of water;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the market price of oil and gas;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
changes in customer consumption patterns;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
changes in applicable statutory and regulatory
requirements;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
changes in governmental policies and procedures;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
changes in interest rates;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
uncertainties in the estimation of water available under
decrees;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
uncertainties in the estimation of costs of delivery of water and
treatment of wastewater;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
uncertainties in the estimation of the service life of our
systems;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
uncertainties in the estimation of costs of construction
projects;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the strength and financial resources of our
competitors;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
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our ability to find and retain skilled personnel;</font></div>
</div>
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
climatic and weather conditions, including floods, droughts and
freezing conditions;</font></div>
</div>
</div>
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
labor relations;</font></div>
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</div>
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<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
turnover of elected and appointed officials and delays caused by
political concerns and government procedures;</font></div>
</div>
</div>
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
availability and cost of labor, material and
equipment;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
delays in anticipated permit and construction dates;</font></div>
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<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
engineering and geological problems;</font></div>
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
environmental risks and regulations;</font></div>
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<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
our ability to raise capital;</font></div>
</div>
</div>
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<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
our ability to negotiate contracts with new customers;</font></div>
</div>
</div>
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<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
uncertainties in water court rulings; and</font></div>
</div>
</div>
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<div style="display: table-row;">
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<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the factors described under &#x201C;Risk Factors&#x201D; in this
Annual Report on Form&#xA0;10-K.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We undertake no obligation, and disclaim any obligation, to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. All
forward-looking statements are expressly qualified by this
cautionary statement.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 12px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
PART I<a name="_Toc432152840">
<!--anchor--></a></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 12px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 1&#xA0;&#x2013; Business</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 12px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pure Cycle Corporation (&#x201C;we,&#x201D; &#x201C;us&#x201D; or
&#x201C;our&#x201D;) is a Colorado corporation that provides
wholesale water and wastewater services. The wholesale water and
wastewater services may include, but are not limited to, 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. We
provide these services to our wholesale customers, which are
typically industrial customers and local governmental entities that
provide water and wastewater services to their end-use customers
located in the greater Denver, Colorado metropolitan
area.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 12px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We are a vertically integrated water company, 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 and
irrigation water to our wholesale customers (we own surface water,
groundwater, reclaimed water rights and water 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>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 12px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We currently provide wholesale water service predominantly to two
local governmental entity customers. Our largest customer is the
Rangeview Metropolitan District (the &#x201C;District&#x201D;), 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 the &#x201C;Rangeview
Water Agreements&#x201D; (defined below) between us and the District
for the provision of wholesale water service to the District for
use in the District&#x2019;s service area. Through the District, we
provide wholesale service to 258 Single Family Equivalent
(&#x201C;SFE&#x201D;) (defined below) water connections and 157 SFE
wastewater connections located in southeastern metropolitan Denver.
In the past three years, we have been providing untreated water to
industrial customers in our service areas and adjacent to our
service areas to the oil and gas industry for the purpose of
hydraulic fracturing. Oil and gas operators have leased more than
135,000 acres within and adjacent to our service areas for the
purpose of exploring oil and gas interests in the Niobrara and
other formations, and this activity in the past has led to
increased water demands. As a result of decreased oil prices, oil
and gas operators have curtailed their drilling since
2014.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 12px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">We plan to utilize our significant water
assets along with our adjudicated reservoir sites, which are
described in the</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Our Water and Land
Assets</font> <font style="color: rgb(0, 0, 0);">section below, to
provide wholesale water and wastewater services to local
governmental entities. These local governmental entities will in
turn provide residential and 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
&#x201C;Front Range.&#x201D; Principally we are targeting the
&#x201C;I-70 corridor&#x201D; which is located east of downtown
Denver and south of Denver International Airport along Interstate
70. This area is predominately undeveloped and is expected to
experience substantial growth over the next 30
years.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 12px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">We also own 931 acres of land in the I-70
corridor known as Sky Ranch, which we are planning for development.
Sky Ranch is described in the</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Our Water and Land
Assets</font> <font style="color: rgb(0, 0, 0);">section
below.</font></font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pure Cycle Corporation was incorporated in Delaware in 1976 and
reincorporated in Colorado in 2008.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
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</div>
</div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Glossary of terms</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The following terms are commonly used in the water industry and are
used throughout our annual report:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Acre Foot &#x2013; approximately 326,000 gallons of water, or enough
water to cover an acre of ground with one foot of water. For some
instances herein, as context dictates, the term acre feet is used
to designate an annual decreed amount of water available during a
typical year.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Customer Facilities&#xA0;&#x2013; facilities that carry potable
water and reclaimed water to customers from the retail water
distribution system (see &#x201C;Retail Facilities&#x201D; below) and
collect wastewater from customers and transfer it to the retail
wastewater collection system. Water and wastewater service lines,
interior plumbing, meters and other components are typical examples
of Customer Facilities. In many cases, portions of the Customer
Facilities are constructed by the developer. Customer Facilities
are typically owned and maintained by the customer.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Non-Tributary Groundwater&#xA0;&#x2013; underground water in an
aquifer that is situated so it neither draws from nor contributes
to a natural surface stream in any measurable degree.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Not Non-Tributary Groundwater &#x2013; statutorily defined as
groundwater located within those portions of the Dawson, Denver,
Arapahoe, and Laramie-Fox hills aquifers that are outside of any
designated groundwater basin in existence on January 1,
1985.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Retail Facilities&#xA0;&#x2013; facilities that distribute water to
and collect wastewater from an individual subdivision or community.
Developers are typically responsible for the funding and
construction of Retail Facilities. Once we certify that the Retail
Facilities have been constructed in accordance with our design
criteria, the developer dedicates the Retail Facilities to a
quasi-municipal political subdivision of the state, and we operate
and maintain the facilities on behalf of such political
subdivision.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Section&#xA0;&#x2013; a parcel of land equal to one square mile and
containing 640 acres.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Single Family Equivalent unit (&#x201C;SFE&#x201D;)&#xA0;&#x2013; One
SFE is a customer&#xA0;&#x2013; whether residential, commercial or
industrial&#xA0;&#x2013; that imparts a demand on our water or
wastewater systems similar to the demand of a family of four
persons living in a single family house on a standard sized lot.
One SFE is assumed to have a water demand of approximately 0.4 acre
feet per year and to contribute wastewater flows of approximately
300 gallons per day.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Special Facilities&#xA0;&#x2013; facilities that are required to
extend services to an individual development and are not otherwise
classified as a typical &#x201C;Wholesale Facility&#x201D; or
&#x201C;Retail Facility.&#x201D; Temporary infrastructure required
prior to construction of permanent water and wastewater systems or
transmission pipelines to transfer water from one location to
another are examples of Special Facilities. We typically design and
construct the Special Facilities using funds provided by the
developer in addition to the normal rates, fees and charges that we
collect from our customers. We are typically responsible for the
operation and maintenance of the Special Facilities upon
completion.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Tributary Groundwater&#xA0;&#x2013; all water located in an aquifer
that is hydrologically connected to a natural stream such that
depletion has an impact on the surface stream.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Tributary Surface Water &#x2013; water on the surface of the ground
flowing in a stream or river system.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Wholesale Facilities&#xA0;&#x2013; facilities that serve an entire
service area or major regions or portions thereof. Wells, treatment
plants, pump stations, tanks, reservoirs, transmission pipelines,
and major sewage lift stations are typical examples of Wholesale
Facilities. We own, design, construct, operate, maintain and repair
Wholesale Facilities which are typically funded using rates, fees
and charges that we collect from our customers.</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
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Our Water and Land Assets</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">This section should be read in conjunction
with</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Item 1A&#xA0;&#x2013;
Risk Factors, Item 7&#xA0;&#x2013; Management&#x2019;s Discussion and
Analysis of Financial Condition and Results of
Operations&#xA0;&#x2013; Critical Accounting Policies and Use of
Estimates</font><font style="color: rgb(0, 0, 0);">, and Note 4
&#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Water and Land
Assets</font><font style="color: rgb(0, 0, 0);">.</font></font></div>
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The $28.3 million of capitalized water costs on our balance sheet
represents the costs of the water rights we own or have the
exclusive right to use and the related infrastructure developed to
provide wholesale water and wastewater services. Our water assets
are as follows:</font></div>
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Table A - Water Assets</font></div>
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Water Source</font></div>
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Groundwater (acre feet)</font></div>
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Lowry (Rangeview Water Supply)</font></div>
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</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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&#xA0; Export (1)</font></div>
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&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11,650</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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&#xA0; Non-Export (1)</font></div>
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&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">12,035</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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Fairgrounds</font></div>
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&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">321</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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Sky Ranch</font></div>
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<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">828</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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<td colspan="1" style="width: 88%; vertical-align: bottom;">
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</td>
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<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">24,834</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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<div><font>&#xA0;<font style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
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Surface Water (acre feet)</font></div>
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Lowry (1)</font></div>
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<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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WISE</font></div>
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<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">500</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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<td colspan="1" style="width: 88%; vertical-align: bottom;">
<div style="padding-bottom: 4px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">3,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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<td colspan="1" style="width: 88%; vertical-align: bottom;">
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</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total (Groundwater and Surface Water)</font></div>
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<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">28,634</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; (1) The combined Lowry water rights are 26,985.</font></div>
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&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We believe we can serve approximately 60,000 SFEs.</font></div>
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Our service areas and water and land assets are described in
greater detail in the maps and discussion that
follows:</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
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The map below indicates the location of our Denver area
assets.</font></div>
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<img src="a201610-kv4000.jpg"></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
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</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Rangeview Water Supply and the Lowry Range</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Our
Rangeview Water &#x2013;</font> <font style="color: rgb(0, 0, 0);">We own or control a total of approximately
3,300 acre feet of tributary surface water, 23,685 acre feet of
non-tributary and not non-tributary groundwater rights, and
approximately 26,000 acre feet of adjudicated reservoir sites that
we refer to as our &#x201C;Rangeview Water Supply.&#x201D; This water
is located in the southeast Denver metropolitan area at the
&#x201C;Lowry Range,&#x201D; which is owned by the State Board of
Land Commissioners (the &#x201C;Land Board&#x201D;) and is described
below.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We acquired our Rangeview Water Supply in April 1996 pursuant to
the following agreements:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="width: 24px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(i)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The 1996 Amended and Restated Lease Agreement between the Land
Board and the District which was superseded by the 2014 Amended and
Restated Lease Agreement, dated July 10, 2014 (the
&#x201C;Lease&#x201D;), among the Land Board, the District, and
us;</font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="width: 24px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(ii)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Agreement for Sale of non-tributary and not non-tributary
groundwater which we can &#x201C;export&#x201D; from the Lowry Range
to supply water to nearby communities (this portion of the
Rangeview Water Supply is referred to as our &#x201C;Export
Water&#x201D;) between us and the District (the &#x201C;Export
Agreement&#x201D;); and</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="width: 24px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(iii)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The 1996 Service Agreement between us and the District for the
provision of water service to the District&#x2019;s customers, which
was superseded by the Amended and Restated Service Agreement, dated
July 11, 2014 (the &#x201C;Service Agreement&#x201D;), between us and
the District.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Additionally, in 1997 we entered into a Wastewater Service
Agreement (the &#x201C;Wastewater Agreement&#x201D;) with the
District to provide wastewater service to the District&#x2019;s
customers.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Lease, the Export Agreement, the Service Agreement, and the
Wastewater Agreement are collectively referred to as the
&#x201C;Rangeview Water Agreements.&#x201D;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pursuant to the Rangeview Water Agreements, we design, construct,
operate and maintain the District&#x2019;s water and wastewater
systems to allow the District to provide water and wastewater
service to its customers located within the District&#x2019;s 24,000
acre service area at the Lowry Range. Subject to the terms and
conditions of the Lease, we are the exclusive water and wastewater
provider on the Lowry Range, and we operate both the water and the
wastewater systems during our contract period on behalf of the
District, which owns the facilities for both systems. At the
expiration of our contract term in 2081, ownership of the water
system facilities located on the Lowry Range used to deliver
Non-Export Water to customers will revert to the Land Board, with
the District retaining ownership of the wastewater facilities.
Through facilities we own, we use our Export Water, and we intend
to use other supplies owned by us, to provide wholesale water
service and wastewater service to customers located outside of the
Lowry Range, including customers of the District and other
governmental entities and industrial and commercial
customers.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Of the approximately 26,985 acre feet of water comprising our
Rangeview Water Supply, we own 11,650 acre feet of Export Water,
which consists of 10,000 acre feet of groundwater and 1,650 acre
feet of average yield surface water, pending completion by the Land
Board of documentation related to the exercise of our right to
substitute 1,650 acre feet of our groundwater for a comparable
amount of surface water. Additionally, assuming the completion of
the substitution of groundwater for surface water, we hold the
exclusive right to develop and deliver through the year 2081 the
remaining 12,035 acre feet of groundwater and approximately 1,650
acre feet of average yield surface water to customers either on or
off of the Lowry Range.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">The
Lowry Range Property &#x2013;</font> <font style="color: rgb(0, 0, 0);">The Lowry Range is located in unincorporated
Arapahoe County, about 20 miles southeast of downtown Denver. The
Lowry Range&#xA0;is one of the largest contiguous parcels under
single ownership next to a major metropolitan area in the
United&#xA0;States. The Lowry Range is approximately 27,000 acres
in size or about 40 square miles of land. Of the 27,000 acres,
pursuant to our agreements with the Land Board and the District, we
have the exclusive rights to provide water and wastewater services
to approximately 24,000 acres of the Lowry
Range.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Rangeview
Metropolitan District &#x2013;</font> <font style="color: rgb(0, 0, 0);">The District is a quasi-municipal
corporation and political subdivision of Colorado formed in 1986
for the purpose of providing water and wastewater service to the
Lowry Range and other approved areas. The District is governed by
an elected board of directors. Eligible voters and persons eligible
to serve as directors of the District must own an interest in
property within the boundaries of the District. We own certain
rights and real property interests which encompass the current
boundaries of the District. The current directors of the District
are Mark W. Harding, Scott E. Lehman, and David A. Garin (all are
employees of Pure Cycle), and two independent board members.
Pursuant to Colorado law, directors may receive $100 for each board
meeting they attend, up to a maximum of $1,600 per year. Mr.
Harding, Mr. Lehman, and Mr. Garin have all elected to forego these
payments.</font></font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</div>
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</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">South
Metropolitan Water Supply Authority (&#x201C;SMWSA&#x201D;) and Water
Infrastructure Supply Efficiency Partnership (&#x201C;WISE&#x201D;)
&#x2013;</font> <font style="color: rgb(0, 0, 0);">SMWSA 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, including the District. SMWSA members
include 14 Denver area water providers in Arapahoe and Douglas
Counties. 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. We entered into a
Participation Agreement with the District on December&#xA0;16,
2009, whereby we agreed to provide funding to the District in
connection with its membership in the SMWSA (the &#x201C;SMWSA
Participation Agreement&#x201D;). SMWSA members have been working
with the City and County of Denver acting through its Board of
Water Commissioners (&#x201C;Denver Water&#x201D;) and the City of
Aurora acting by and through its Utility Enterprise (&#x201C;Aurora
Water&#x201D;) on a cooperative water project known as the WISE,
which seeks to develop regional infrastructure that would
interconnect members&#x2019; water transmission systems to be able
to develop additional water supplies from the South Platte River in
conjunction with Denver Water and Aurora Water. In July 2013, the
District together with nine other SMWSA members formed the South
Metro WISE Authority (&#x201C;SMWA&#x201D;) pursuant to the South
Metro WISE Authority Formation and Organizational Intergovernmental
Agreement (the &#x201C;SM IGA&#x201D;) to enable its members to
participate in WISE. The SM IGA specifies each member&#x2019;s pro
rata share of WISE and the members&#x2019; rights and obligations
with respect to WISE. On December&#xA0;31, 2013, SMWA, Denver Water
and Aurora Water entered into the Amended and Restated WISE
Partnership &#x2013; Water Delivery Agreement (the &#x201C;WISE
Partnership Agreement&#x201D;), which provides for the purchase and
construction of certain infrastructure (pipelines, water storage
facilities, water treatment facilities, and other appurtenant
facilities) to deliver water to and among the 10 members of the
SMWA, Denver Water and Aurora Water. We have entered into the
Rangeview/Pure Cycle WISE Project Financing Agreement with the
District dated November 19, 2014 (effective as of December 22,
2014), which obligates us to fund the District&#x2019;s cost of
participating in WISE (the &#x201C;WISE Financing Agreement&#x201D;).
In exchange for funding the District&#x2019;s obligations in WISE,
we will have the sole right to use and reuse the District&#x2019;s
approximate 7% share of the WISE water and infrastructure to
provide water service to the District&#x2019;s customers and to
receive the revenue from such service. Upon completion of the WISE
infrastructure in 2017, we will be entitled to approximately
three&#xA0;million gallons per day of transmission pipeline
capacity and 500 acre feet per year of water.</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">In accordance
with the WISE Financing Agreement and the SMWSA Participation
Agreement, to date we have provided approximately $2.9 million of
financing to the District to fund its obligation to finance the
purchase of infrastructure for WISE, its obligations related to
SMWSA, and the construction of a connection to the WISE
system.</font> <font style="color: rgb(0, 0, 0);">We anticipate
that we will be spending the following over the next five fiscal
years to fund the District&#x2019;s purchase of its share of the
water transmission line and additional facilities, water and
related assets for WISE and to fund operations and water deliveries
related to WISE:</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="6" rowspan="1" style="width: 100%; vertical-align: bottom;">
<div><font style="text-align: left; width: 1%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 98%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Table B - Estimated WISE Costs</font></div>
</font><font style="text-align: left; width: 1%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 50%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
For the Fiscal Years Ended August 31,</font></div>
</font><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2017</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2018</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2019</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2020</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2021</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Operations</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Water Delivery</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">45,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">225,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">495,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">675,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">855,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Capital</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">464,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">339,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">464,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,339,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">57,100</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Other</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">43,500</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">23,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">86,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">23,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">23,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="padding-bottom: 4px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">649,100</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">684,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,142,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">2,134,400</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,032,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Land
Board Royalties &#x2013;</font> <font style="color: rgb(0, 0, 0);">Pursuant to the Rangeview Water Agreements,
the Land Board is entitled to royalty payments based on a
percentage of revenues earned from water sales that utilize water
from the Rangeview Water Supply. The calculation of royalties
depends on the water source and whether the customer is a public or
private entity. Royalties were modified in July 2014 pursuant to
the terms of the Lease. The Land Board does not receive a royalty
from wastewater services.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Water
Customers</font> <font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">&#x2013;</font>
<font style="color: rgb(0, 0, 0);">When we develop, operate and
deliver water service, payments from customers generate royalties
to the Land Board at a rate of 12% of gross revenues from private
customers and 10%</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">from public entity customers. In the event
that either (i) metered production of water used on the Lowry Range
in any calendar year exceeds 13,000 acre feet or (ii) 10,000
surface acres on the Lowry Range have been rezoned to
non-agricultural use, finally platted and water tap agreements have
been entered into with respect to all improvements to be
constructed on such acreage, the Land Board may elect, at its
option, to receive, in lieu of its royalty of 10% or 12% of gross
revenues (depending on whether the customer is public or private),
50% of the collective net profits (ours and the District&#x2019;s)
derived from the sale or other disposition of water on the Lowry
Range. To date neither of these conditions has been met, and such
conditions are not likely to be met any time soon. In addition to
royalties on the sale of metered water deliveries, the Land Board
will receive a royalty on the sale of water taps at the rate of two
percent, except for the sale of any taps to Sky Ranch, of the gross
amount received from the sale of a water tap.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Sale of Water
Rights</font> <font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">&#x2013;</font>
<font style="color: rgb(0, 0, 0);">In the event we sell our Export
Water right outright rather than developing and delivering water
service, royalties to the Land Board escalate based on the amount
of gross revenue we receive and are lower for sales to a water
district or similar municipal or public entity than for sales to a
private entity as noted in Table C.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: right">
<table cellpadding="0" cellspacing="0" style="text-align: right; margin: 0px 0px 0px auto; font-size: 13px; width: 100%; font-family: Times New Roman;">
<tr style="background-color:#cceeff;">
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align: bottom; width: 26%;">
<div style="border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; width: 3%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 94%; display: inline-block;">
<div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0);">
Table C- Royalties for Sale of Export Water Rights</font></div>
</font><font style="text-align: left; width: 3%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 10%;">
<div style="padding-bottom: 2px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center"><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0);">
Royalty Rate</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 10%;">
<div style="border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0);">
Gross Revenues</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center"><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0);">
Private Entity Buyer</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center"><font style="font-size: 13px; font-family: Times New Roman; color: rgb(0, 0, 0);">
Public Entity Buyer</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">0 - $45,000,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">12</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">10</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">45,000,001 - $60,000,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">24</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">20</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">60,000,001 &#x2013; $75,000,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">36</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">30</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">75,000,001 - $90,000,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">48</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">40</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font></font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">Over $90,000,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">50</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; font-size: 13px;">50</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; font-size: 13px;">%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We are also required to pay the Land Board a minimum annual water
production fee, which is currently under negotiation, but we have
estimated the minimum fee to be approximately $45,600 per year,
which is to be credited against future royalties.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-style: italic; font-weight: bold;">
East Cherry Creek Valley System &#x2013;</font> <font style="color: rgb(0, 0, 0);">Pursuant to a 1982 contractual right, the
District may purchase water produced from East Cherry Creek Valley
Water and Sanitation District&#x2019;s (&#x201C;ECCV&#x201D;) Land
Board system. ECCV&#x2019;s Land Board system is comprised of eight
wells and more than 10 miles of buried water pipeline located on
the Lowry Range. In May 2012, in order to increase the delivery
capacity and reliability of these wells, in our capacity as the
District&#x2019;s service provider and the Export Water Contractor
(as defined in the Lease among us, the District and the Land
Board), 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> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Our costs
associated with the use of the ECCV system are a flat monthly fee
of $8,000 per month from January 1, 2013 through December 31, 2020,
and will decrease to $3,000 per month from January 1, 2021 through
April 2032. Additionally, we pay a fee per 1,000 gallons of water
produced from ECCV&#x2019;s system, which is included in the water
usage fees charged to customers.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Hydraulic
Fracturing &#x2013;</font> <font style="color: rgb(0, 0, 0);">Water
revenues from sales of water for the development of well sites and
for drilling and fracking wells drilled into the Niobrara Formation
were approximately $600 and $782,700 during the fiscal years ended
August 31, 2016 and 2015, respectively. With a large percentage of
the acreage surrounding the Lowry Range in Arapahoe, Adams, Elbert,
and portions of Douglas Counties already leased by major oil
companies, we anticipate providing additional water for drilling
and hydraulic fracturing (&#x201C;fracking&#x201D;) of oil and gas
wells in the future. Through March 2015, we sold untreated water
directly to ConocoPhillips Company (&#x201C;ConocoPhillips&#x201D;),
the largest oil and gas lease holder operating in the area, and
indirectly to ConocoPhillips through Select Energy Services, LLC
(&#x201C;Select&#x201D;). As a result of low oil prices, drilling in
our service has been curtailed and sales have been limited during
the current fiscal year.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
</font></div>
<div style="text-align: center; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<img src="a201610_kv4006.jpg" alt=""></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Arapahoe County Fairgrounds Agreement for Water
Service</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">In 2005, we entered into an Agreement for
Water Service (the &#x201C;County Agreement&#x201D;) with Arapahoe
County to design, construct, operate and maintain a water system
for, and provide water services to, the county for use at the
Arapahoe County fairgrounds (the &#x201C;Fairgrounds&#x201D;), which
are located west of the Lowry Range. Pursuant to the County
Agreement, we purchased 321 acre feet of water from the county in
2008. Further details of the arrangements with the county are
described in Note 4 &#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Water and Land
Assets</font> <font style="color: rgb(0, 0, 0);">to the
accompanying financial statements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pursuant to the County Agreement, we constructed and own a deep
water well, a 500,000-gallon water tank and pipelines to transport
water to the Fairgrounds. The construction of these items was
completed in our fiscal 2006, and we began providing water service
to the county in 2006.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Sky Ranch</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In 2010, we purchased approximately 931 acres of undeveloped land
located in unincorporated Arapahoe County known as Sky Ranch. Sky
Ranch is located directly adjacent to I-70, 16 miles east of
downtown Denver, four miles north of the Lowry Range, and four
miles south of Denver International Airport.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><img src="a201610-kv4001.jpg" alt=""></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The property includes rights to approximately 830 acre feet of
water and approximately 640 acres of oil and gas mineral rights and
has been zoned for residential, commercial and retail uses that may
include up to 4,850 SFEs. Sky Ranch is zoned for 4,400 homes and
1.35 million square feet of commercial and retail property. There
is currently no development at Sky Ranch. We currently lease the
land to an area farmer and have leased the minerals to
ConocoPhillips. We envision that when development at Sky Ranch
begins, the development will be in the form of entry-level housing
(houses costing in the $300,000 range).</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We are currently working on plans to develop the first phase of Sky
Ranch which will include 151 acres. The plan for the first phase of
the development will include 502 units but, depending on lot size
and configuration, may be increased to 525 units.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<img src="a201610-kv4002.jpg"></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We plan to provide wholesale and wastewater services to one or more
Sky Ranch metropolitan districts (the &#x201C;Sky Ranch
District&#x201D;) that will in turn provide retail water and
wastewater services to the Sky Ranch District residents and
businesses. We anticipate we will need to construct infrastructure
such as roads, curbs and gutters, and the necessary water and
wastewater systems; however, we are in discussions with a number of
developers and builders to determine how this infrastructure will
be phased and financed. Our plan is to provide the market with
competitively priced lots that are ready for development, together
with affordable, sustainable, environmentally sound water and
wastewater services. We currently anticipate development will begin
in the second half of calendar 2017 subject to us obtaining the
necessary approvals and the timing of the final design. We
anticipate the development of the first phase to occur over a
number of sub-phases with multiple builders, and we are targeting
approximately 100 lots per year being developed. At full
development, the water and wastewater utilities at Sky Ranch are
anticipated to generate in excess of $145 million in tap fee
revenue and approximately $7.5 million annually in wholesale water
and wastewater service fee revenue (based on current fees and
charges).</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Oil
and Gas Lease &#x2013;</font> <font style="color: rgb(0, 0, 0);">On
March&#xA0;10, 2011, we entered into a Paid-Up Oil and Gas Lease
(the &#x201C;O&amp;G Lease&#x201D;) and Surface Use and Damage
Agreement (the &#x201C;Surface Use Agreement&#x201D;) with Anadarko
E&amp;P Company, L.P. (&#x201C;Anadarko&#x201D;), a wholly owned
subsidiary of Anadarko Petroleum Company. The O&amp;G Lease seeks
to capitalize on the growing interest in the region&#x2019;s
Niobrara Oil Formation. Pursuant to the O&amp;G Lease, we received
an up-front payment of $1,900 per net mineral leased acre, or
$1,243,400, and 20% of gross proceeds royalty (less certain taxes)
from the sale of any oil and gas produced from our property. In
December 2012, the O&amp;G Lease was purchased by a wholly owned
subsidiary of ConocoPhillips. The O&amp;G Lease had a term of three
(3)&#xA0;years commencing on March&#xA0;10, 2011. The lease was
extended for an additional two (2) years, and we received an
additional up-front payment of $1,243,400 for the extension. The
O&amp;G Lease is now held by production entitling us to
royalties</font></font></div>
<div style="text-align: center; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<img src="a201610_kv4007.jpg" alt=""></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">instead of renewal payments. Pursuant to the
Surface Use Agreement, ConocoPhillips may drill on up to three well
pad sites on the Sky Ranch property covered under the O&amp;G
Lease. Additionally, we will receive $3,000 per acre for land that
is permanently disturbed for use in the exploration and production
of oil and gas. During fiscal 2015, two wells were drilled within
our mineral interest. Beginning in March 2015, both wells were
placed into service and began producing oil and gas and accruing
royalties to us. In May 2015, certain gas collection infrastructure
was extended to the property to allow the collection of gas from
the wells and accrual of royalties attributable to gas production.
During the fiscal year ended August 31, 2016, we received $343,600
in royalties attributable to these two wells.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In the past, we experienced water demands for hydraulic fracturing
of oil and gas wells being developed in the Niobrara Formation
around our Sky Ranch property and the Land Board&#x2019;s Lowry
Range property. These demands have been curtailed by the decline in
oil prices. The wells developed in the Niobrara Formation that we
have served were utilizing between seven and 12 million gallons of
water to drill and frack, which equates to selling water to between
approximately 53 and 92 SFEs for an entire year.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Arkansas River Land</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
During the fiscal quarter ended November 30, 2015, we purchased
three farms totaling 700 acres for approximately $450,300. The
farms were acquired in order to correct dry-up covenant issues
related to water only farms in order obtain the release of the
escrow funds related to the Company&#x2019;s farm sale to Arkansas
River Farms, LLC. We intend to sell the farms within the next
fiscal year. We also own approximately 13,900 acres of mineral
interests in the Arkansas River Valley, which have an estimated
value of approximately $1.4 million. We currently have no plans to
sell our mineral interests.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Well Enhancement and Recovery Systems</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In January 2007, we, along with two other parties, formed Well
Enhancement and Recovery Systems LLC (&#x201C;Well Enhancement
LLC&#x201D;), to develop a new deep water well enhancement tool and
process that we believe will increase the efficiency of wells
completed into the Denver Basin groundwater formations. In fiscal
2008, the well enhancement tool and process was completed and
tested on two deep water wells developed by an area water provider
with favorable results. According to results from studies performed
by an independent hydro-geologist, the well enhancement tool
effectively increased the production of the two test wells by 80%
and 83% when compared to that of nearby wells developed in similar
formations at similar depths. Based on the positive results of the
test wells, we continue to refine the process of enhancing deep
water wells and are marketing the tool to area water providers. On
April 27, 2010, we and the other remaining owner of Well
Enhancement LLC acquired the third partner&#x2019;s one-third
interest in Well Enhancement LLC. Following the acquisition, the
remaining partners each hold a 50% interest in Well Enhancement
LLC. We used our tool on one well during fiscal 2014. We did not
use our tool during either fiscal 2015 or fiscal 2016.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Revenues</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We generate revenues through our wholesale water and wastewater
segment predominately from three sources: (i) monthly service and
contract delivery fees, (ii) one-time water and wastewater tap fees
and construction fees, and (iii) consulting fees. Our revenue
sources and how we account for them are described in greater detail
below. We typically negotiate the payment terms for tap fees,
construction fees, and other water and wastewater service fees with
our wholesale customers as a component of our service agreements
prior to construction of the project. However, with respect to
customers on the Lowry Range, pursuant to the Lease, the
District&#x2019;s rates and charges to such end-use customers may
not exceed the average of similar rates and charges of three nearby
water providers.</font></div>
<div style="padding-bottom: 13.3px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">
i.</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Monthly Service
Fees</font> <font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">&#x2013;</font>
<font style="color: rgb(0, 0, 0);">Monthly wholesale water usage
fees are assessed to our customers based on actual metered
deliveries to their end-use customers each month. Water usage fees
are based on a tiered pricing structure that provides for higher
prices as customers use greater amounts of water. The water usage
fees for end-use customers on the Lowry Range are noted below in
Table D:</font></font></div>
</div>
</div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="4" rowspan="1" style="width: 100%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Table D - Tiered Water Usage Pricing Structure</font></div>
</font><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 36%; vertical-align: bottom;">
<div><font style="text-align: left; width: 3%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 94%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Price ($ per thousand gallons)</font></div>
</font><font style="text-align: left; width: 3%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Amount of consumption</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2016</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2015</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2014</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Base charge per SFE</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">30.35</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">30.35</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">30.35</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
0 gallons to 10,000 gallons</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3.51</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3.51</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3.51</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
10,001 gallons to 20,000 gallons</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.31</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.31</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.31</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
20,001 gallons to 40,000 gallons</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.12</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.12</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8.12</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
40,001 gallons and above</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9.55</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9.55</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">9.55</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The figures in Table D reflect the amounts
charged to the District&#x2019;s end-use customers. In exchange for
providing water service to the District&#x2019;s Lowry Range
customers, we receive 98% of the usage charges received by the
District relating to water services after deducting the required
royalty to the Land Board (described above at Rangeview Water
Supply and Lowry Range &#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Land Board
Royalties</font><font style="color: rgb(0, 0, 0);">). In exchange
for providing wastewater services, we receive 90% of the
District&#x2019;s monthly wastewater service fees, as well as the
right to use or sell the reclaimed water.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The District&#x2019;s 2016 rates and charges for wastewater service
are based on a monthly fee of $10.05 per SFE plus a $7.40 per
thousand gallons treated usage fee.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In addition to the tiered water usage pricing structure, we
currently charge a hydrant rate of $10.50 per thousand gallons for
commercial and industrial customers. We also collect other
immaterial fees and charges from customers and other users to cover
miscellaneous administrative and service expenses, such as
application fees, review fees and permit fees.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">
ii.</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Water and
Wastewater Tap Fees and Construction Fees</font> <font style="color: rgb(0, 0, 0);">&#x2013;</font><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">&#xA0;</font><font style="color: rgb(0, 0, 0);">Tap
fees are typically paid by developers in advance of construction
activities and are non-refundable. Tap fees are typically used to
fund construction of the Wholesale Facilities and defray the
acquisition costs of obtaining water rights.</font></font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The District&#x2019;s 2016 water tap fees are $24,620, and its
wastewater tap fees are $4,988.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In exchange for providing water service to the District&#x2019;s
customers on the Lowry Range, we receive 100% of the
District&#x2019;s tap fees after deducting the required two percent
royalty to the Land Board described above. In exchange for
providing wastewater services, we receive 100% of the
District&#x2019;s wastewater tap fees.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Construction fees are fees we receive, typically in advance, from
developers for us to build certain infrastructure such as Special
Facilities which are normally the responsibility of the
developer.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">
iii.</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Consulting
Fees</font> <font style="color: rgb(0, 0, 0);">&#x2013; Consulting
fees are fees we receive, typically on a monthly basis, from
municipalities and area water providers along the I-70 corridor,
for systems with respect to which we provide contract operations
services.</font></font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Significant Customers</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Our wholesale water and wastewater sales to the District pursuant
to the Rangeview Water Agreements accounted for 67%, 19% and 9% of
our total water revenues for the fiscal years ended August 31,
2016, 2015 and 2014, respectively. The District has one significant
customer, the Ridgeview Youth Services Center
(&#x201C;Ridgeview&#x201D;). Pursuant to our Rangeview Water
Agreements with the District, we are providing water to Ridgeview
on behalf of the District. Ridgeview accounted for 55%, 16% and 7%
of our total water revenues for the fiscal years ended August 31,
2016, 2015 and 2014, respectively.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Our industrial water sales directly and
indirectly to ConocoPhillips accounted for approximately less than
1%,</font><font style="color: rgb(255, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">75% and 88% of our total water revenues for
the fiscal years ended August 31, 2016, 2015 and 2014,
respectively.</font></font></div>
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</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Our Projected Operations</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">This section should be read in conjunction
with</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Item 1A&#xA0;&#x2013;
Risk Factors</font><font style="color: rgb(0, 0, 0);">.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Along the Colorado Front Range, there are over 70 water providers
with varying needs for replacement and new water supplies. We
believe we are well positioned to assist certain of these providers
in meeting their current and future water needs.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We design, construct and operate our water and wastewater
facilities using advanced water purification and wastewater
treatment technologies which allow us to use our water supplies in
an efficient and environmentally sustainable manner. We plan to
develop our water and wastewater systems in stages to efficiently
meet demands in our service areas, thereby reducing the amount of
up-front capital costs required for construction of facilities. We
use third-party contractors to construct our facilities as needed.
We employ licensed water and wastewater operators to operate our
water and wastewater systems. As our systems expand, we expect to
hire additional personnel to operate our systems, which include
water production, treatment, testing, storage, distribution,
metering, billing, and operations management.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Our water and wastewater systems conjunctively use surface and
groundwater supplies and storage of raw water and highly treated
effluent supplies to provide a balanced sustainable water supply
for our wholesale customers and their end-use customers.
Integrating conservation practices and incentives together with
effective water reuse demonstrates our commitment to providing
environmentally responsible, sustainable water and wastewater
services. Water supplies and water storage reservoirs are
competitively sought throughout the west and along the Front Range
of Colorado. We believe regional cooperation among area water
providers in developing new water supplies, water storage, and
transmission and distribution systems provides the most cost
effective way of expanding and enhancing service capacities for
area water providers. We continue to discuss developing water
supplies and water storage opportunities with area water
providers.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We expect the development of our Rangeview Water Supply to require
a significant number of high capacity deep water wells. We
anticipate drilling separate wells into each of the three principal
aquifers located beneath the Lowry Range. Each well is intended to
deliver water to central water treatment facilities for treatment
prior to delivery to customers. Development of our Lowry Range
surface water supplies will require facilities to divert surface
water to storage reservoirs to be located on the Lowry Range and
treatment facilities to treat the water prior to introduction into
our distribution systems. Surface water diversion facilities will
be designed with capacities to divert the surface water when
available (particularly during seasonal events such as spring
run-off and summer storms) for storage in reservoirs to be
constructed on the Lowry Range. Based on preliminary engineering
estimates, the full build-out of water facilities (including
diversion structures, transmission pipelines, reservoirs, and water
treatment facilities) on the Lowry Range will cost in excess of
$340 million, based on estimated costs, and will accommodate water
service to customers located on and outside the Lowry Range. We
expect this build out to occur in phases over an extended period of
time, and we expect that tap fees will be sufficient to fund the
infrastructure costs.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Our Denver-based supplies are a valuable, locally available
resource located near the point of use. This enables us to
incrementally develop infrastructure to produce, treat and deliver
water to customers based on their growing demands.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
During fiscal 2016, we, along with the District, invested
approximately $368,600 to construct an effluent storage pond on the
Lowry Range. We anticipate during fiscal 2017 that we will invest
between $4.5 million to $5 million to construct pipelines that will
interconnect the Rangeview, WISE, and Sky Ranch water systems. We
also anticipate investing in pipelines at the Sky Ranch property in
anticipation of the development of the first phase of the property.
We also expect to add additional wells as demand
grows.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The District is a participant in the WISE project. This project is
developing infrastructure to interconnect providers&#x2019; water
systems and to extend renewable water sources owned by Denver Water
and Aurora Water to participating South Metro water providers,
including the District and, through our agreements with the
District, us. This system will diversify our sources of water and
will enable providers to move water among themselves, which will
increase the reliability of our and others&#x2019; water systems.
Through the WISE Financing Agreement, we funded the
District&#x2019;s purchase of certain rights to use existing water
transmission and related infrastructure acquired and constructed
by</font></div>
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</div>
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</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the WISE project. We invested approximately $113,600 in the WISE
system during fiscal 2016 and have invested approximately $2.9
million to date. We anticipate that we will be spending
approximately $650,000 on this system during fiscal 2017 and $5
million during the next four years to fund the District&#x2019;s
purchase of its share of the water transmission line and additional
facilities, water and related assets for WISE and to fund
operations and water deliveries related to WISE. Timing of the
investment will vary depending on the schedule of projects within
WISE.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We are in the process of planning development of our Sky Ranch
property, including evaluating possible joint venture opportunities
pursuant to which we would build the water and wastewater
infrastructure for housing and commercial development of the
property. We currently anticipate the first phase of development
will begin in the second half of calendar 2017, subject to
obtaining approvals and the timing of the final design. The timing
for us to develop the remaining phases of the property will be
largely dependent on the Denver real estate market and the interest
we receive from home builders and developers. During fiscal 2016 we
invested approximately $285,600 in our Sky Ranch property, which
consisted of development planning, preliminary design, and related
filing fees.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We plan to develop additional water assets within the Denver area
and are exploring opportunities to utilize our water assets in
areas adjacent to our existing water supplies.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Water and Growth in Colorado</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
After experiencing a weak economy through 2012, much like that of
the U.S. as a whole, Colorado began recovering during 2013 and 2014
and continued to improve during 2015 and 2016. The key drivers in
our business model are:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Housing
Starts</font> <font style="color: rgb(0, 0, 0); font-style: italic;">&#x2013;</font>
<font style="color: rgb(0, 0, 0);">From September 2015 to September
2016, annual housing starts increased by 24%. From September 2014
to September 2015, annual housing starts increased by
18%.</font></font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Unemployment
&#x2013;</font> <font style="color: rgb(0, 0, 0);">The unemployment
rate in Colorado was 3.8% at August 31, 2016, compared to a
national unemployment rate of 4.9%. Colorado added an estimated
71,600 jobs from August 2015 to August 2016.</font></font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Population
&#x2013;</font> <font style="color: rgb(0, 0, 0);">The Denver
Regional Council of Governments (&#x201C;DRCOG&#x201D;), a voluntary
association of over 50 county and municipal governments in the
Denver metropolitan area, estimates that the Denver metropolitan
area population will increase by about 38% from today&#x2019;s 3.4
million people to 4.7 million people by the year 2040. A Statewide
Water Supply Initiative report by the Colorado Water Conservation
Board estimates that the South Platte River basin, which includes
the Denver metropolitan region, will grow from a current population
of 3.9 million to 4.9 million by the year 2030, while the
state&#x2019;s population will increase from 5.7 million to 7.2
million.</font></font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Demand
&#x2013;</font> <font style="color: rgb(0, 0, 0);">Approximately 70%
of the state&#x2019;s projected population increase is anticipated
to occur within the South Platte River basin. Significant increases
in Colorado&#x2019;s population, particularly in the Denver metro
region and other areas in the water-short South Platte River basin,
together with increasing agricultural, recreational, and
environmental water demands, will intensify competition for water
supplies. The estimated population increases are expected to result
in demands for water services in excess of the current capabilities
of municipal service providers, especially during drought
conditions.</font></font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Supply
&#x2013;</font> <font style="color: rgb(0, 0, 0);">The Statewide
Water Supply Initiative estimates that population growth in the
Denver region and the South Platte River basin could result in
additional water supply demands of over 400,000 acre feet by the
year 2030.</font></font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Development
&#x2013;</font> <font style="color: rgb(0, 0, 0);">Colorado law
requires property developers to demonstrate that they have
sufficient water supplies for their proposed projects before
rezoning applications will be considered. These factors indicate
that water and availability of water will continue to be critical
to growth prospects for the region and the state, and that
competition for available sources of water will continue to
intensify. We focus the marketing of our water supplies and
services to developers and home builders that are active along the
Colorado Front Range as well as other area water providers in need
of additional supplies.</font></font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Colorado&#x2019;s future water supply needs will be met through
conservation, reuse and the development of new supplies. The
District&#x2019;s rules and regulations for water and wastewater
service call for adherence to strict conservation measures,
including low-flow water fixtures, high efficiency appliances, and
advanced irrigation control devices. Additionally, our systems are
designed and constructed using a dual-pipe water distribution
system to segregate the delivery of high quality potable drinking
water to our local governmental entities and their end-use
customers through one system and a second system to supply raw or
reclaimed water for irrigation demands. About one-half
of</font></div>
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</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the water used by a typical Denver-area residential water customer
is used for outdoor landscape and lawn irrigation. We believe that
raw or reclaimed water supplies provide the lowest cost, most
environmentally sustainable water for outdoor irrigation. We expect
our systems to include an extensive water reclamation system in
which essentially all effluent water from wastewater treatment
plants will be reused to meet non-potable water demands. Our
dual-distribution systems demonstrate our commitment to
environmentally responsible water management policies in our water
short region.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Competition</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We negotiate individual service agreements with our governmental
customers and with their developers and/or home builders to design,
construct and operate water and wastewater systems and to provide
services to end-use customers of governmental entities and to
commercial and industrial customers. These service agreements seek
to address all aspects of the development of the water and
wastewater systems including:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 16px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="width: 24px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(i)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the purchase of water and wastewater taps in exchange for our
obligation to construct certain Wholesale Facilities;</font></div>
</div>
</div>
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<div style="display: table-row;">
<div style="width: 24px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(ii)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
the establishment of payment terms, timing, capacity and location
of Special Facilities (if any); and</font></div>
</div>
</div>
<div style="padding-bottom: 16px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="width: 24px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(iii)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
specific terms related to our provision of ongoing water and
wastewater services to our local governmental customers as well as
the governmental entity&#x2019;s end-use customers.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Although we have exclusive long-term water and wastewater service
contracts for 24,000 acres of the 27,000-acre Lowry Range pursuant
to the Service Agreement, providing water and wastewater services
to areas other than Sky Ranch and the majority of the Lowry Range
is subject to competition. Alternate sources of water are
available, principally from other private parties, such as farmers
or others owning water rights that have historically been used for
agriculture, and from municipalities seeking to annex new
development areas in order to increase their tax base. Our
principal competition in areas close to the Lowry Range is the City
of Aurora. Principal factors affecting competition for potential
purchasers of our Export Water include the availability of water
for the particular purpose, the cost of delivering the water to the
desired location (including the cost of required taps), and the
reliability of the water supply during drought periods. We estimate
that the water assets we own and have the exclusive right to use
have a supply capacity of approximately 57,800 SFE units, and we
believe they provide us with a significant competitive advantage
along the Front Range. Our legal rights to the Rangeview Water
Supply have been confirmed for municipal use, and our water supply
is close to Denver area water users. We believe our pricing
structure is competitive and our water portfolio is well balanced
with senior surface water rights, groundwater rights, storage
capacity and reclaimed water supplies.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Environmental, Health and Safety Regulation</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Provision of water and wastewater services is subject to regulation
under the federal Safe Drinking Water Act, the Clean Water Act,
related state laws, and federal and state regulations issued under
these laws. These laws and regulations establish criteria and
standards for drinking water and for wastewater discharges. In
addition, we are subject to federal and state laws and other
regulations relating to solid waste disposal and certain other
aspects of our operations.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Environmental compliance issues may arise in the normal course of
operations or as a result of regulatory changes. We attempt to
align capital budgeting and expenditures to address these issues in
a timely manner.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Safe
Drinking Water Act &#x2013;</font> <font style="color: rgb(0, 0, 0);">The Safe Drinking Water Act establishes
criteria and procedures for the U.S. Environmental Protection
Agency (the &#x201C;EPA&#x201D;) to develop national quality
standards for drinking water. Regulations issued pursuant to the
Safe Drinking Water Act and its amendments set standards on the
amount of certain microbial and chemical contaminants and
radionuclides allowable in drinking water. The State of Colorado
has assumed primary responsibility for enforcing the standards
established by the Safe Drinking Water Act and has adopted the
Colorado Primary Drinking Water Standards (5 CCR 1003-1). Current
requirements for drinking water are not expected to have a material
impact on our financial condition or results of operations as we
have made and are making investments to meet existing water quality
standards. In the future, we might be required to change
our</font></font></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">method of treating drinking water and make
additional capital investments if additional regulations become
effective.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The federal Groundwater Rule became effective December&#xA0;1,
2009. This rule requires additional testing of water from well
sources and under certain circumstances requires demonstration and
maintenance of effective disinfection. In 2009, Colorado adopted
Article 13 to the Colorado Primary Drinking Water Standards to
establish monitoring and compliance criteria for the Groundwater
Rule. We have implemented measures to comply with the Groundwater
Rule.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Clean
Water Act</font> <font style="color: rgb(0, 0, 0); font-weight: bold;">&#x2013;</font>
<font style="color: rgb(0, 0, 0);">The Clean Water Act regulates
wastewater discharges from drinking water and wastewater treatment
facilities and storm water discharges into lakes, rivers, streams,
and wetlands. The State of Colorado has assumed primary
responsibility for enforcing the standards established by the
federal Clean Water Act for wastewater discharges from domestic
water and wastewater treatment facilities and has adopted the
Colorado Water Quality Control Act and related regulations, which
also regulate discharges to groundwater. It is our policy to obtain
and maintain all required permits and approvals for discharges from
our water and wastewater facilities and to comply with all
conditions of those permits and other regulatory requirements. A
program is in place to monitor facilities for compliance with
permitting, monitoring and reporting for wastewater discharges.
From time to time, discharge violations might occur which might
result in fines and penalties, but we have no reason to believe
that any such fines or penalties are pending or will be
assessed.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In the future, we anticipate changing our method of treating
wastewater, which will require future additional capital
investments, as additional regulations become effective. During
fiscal year 2016, we invested $368,600 to design, permit and
construct a 13 million gallon effluent storage reservoir at our
wastewater treatment facility and have converted our facility to a
zero discharge treatment facility. We are storing the treated
effluent water and expect to use the water for agricultural and
irrigation uses.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Solid
Waste Disposal &#x2013;</font> <font style="color: rgb(0, 0, 0);">The handling and disposal of residuals and
solid waste generated from water and wastewater treatment
facilities is governed by federal and state laws and regulations.
We have a program in place to monitor our facilities for compliance
with regulatory requirements, and we do not anticipate that costs
associated with our handling and disposal of waste material from
our water and wastewater operations will have a material impact on
our business or financial condition.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Employees</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We currently have six full-time employees.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Available Information and Website Address</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Our website address is</font> <font style="color: rgb(0, 0, 0); font-style: italic;">www.purecyclewater.com</font><font style="color: rgb(0, 0, 0);">.
We make available free of charge through our website our annual
reports on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K, and all amendments to these reports as soon as
reasonably practicable after filing with the Securities and
Exchange Commission (&#x201C;SEC&#x201D;).</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">These reports and all other material we file
with the SEC may be obtained directly from the SEC&#x2019;s
website,</font> <font style="color: rgb(0, 0, 0); font-style: italic;">www.sec.gov/edgar/searchedgar/companysearch.html</font><font style="color: rgb(0, 0, 0);">,
under CIK code</font> <font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">276720</font><font style="color: rgb(0, 0, 0);">.
The contents of our website are not incorporated by reference into
this report. You may also read and copy any materials we file with
the SEC at the SEC&#x2019;s Public Reference Room at 100 F Street,
NE, Washington, DC 20549. Operating information for the Public
Reference Room is available by calling the SEC at
1-800-SEC-0330.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 1A&#xA0;&#x2013; Risk Factors</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The following section describes the material risks and
uncertainties that management believes could have a material
adverse effect on our business, financial condition, results of
operations, and the market price of our common stock. The risks
discussed below include forward-looking statements, and our actual
results may differ materially from those discussed in these
forward-looking statements. These risks should be read in
conjunction with the other information set forth in this report,
including the accompanying financial statements and notes
thereto.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Our
net losses may continue and we may not have sufficient cash flows
from operations or other capital resources to pursue our business
objectives.</font> <font style="color: rgb(0, 0, 0);">We have
experienced significant net losses, our cash flows
from</font></font></div>
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</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">operations have not been sufficient to fund
our operations in the past and we have been required to raise debt
and equity capital and sell assets to remain in operation. Since
2004, we have obtained $76.2 million through (i) the issuance of
$25.2 million of common stock (includes the issuance of stock
pursuant to the exercise of options, net of expenses), (ii) the
issuance of $5.2 million of Convertible Debt, which was converted
to common stock on January 11, 2011, and (iii)</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">the sale of
our Arkansas River water and land for approximately $45.8 million
in cash</font><font style="color: rgb(0, 0, 0);">. Our ability to
fund our operational needs and meet our business objectives will
depend on our ability to generate cash from future operations. We
currently have a limited number of customers. If our future cash
flows from operations and other capital resources are not
sufficient to fund our operations and the significant capital
expenditure requirements to build our water delivery systems, we
may be forced to reduce or delay our business activities, or seek
to obtain additional debt or equity capital. Economic conditions
and disruptions have previously caused substantial volatility in
capital markets, including credit markets and the banking industry,
increasing the cost and significantly reducing the availability of
financing, which may reoccur in the future. There can be no
assurance that financing will be available on acceptable terms or
at all.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">The
rates the District is allowed to charge customers on the Lowry
Range are limited by the Lease with the Land Board, and our
contract with the District and may not be sufficient to cover our
costs of construction and operation.</font> <font style="color: rgb(0, 0, 0);">The prices charged by the District for water
service on the Lowry Range are subject to pricing regulations set
forth in the Lease with the Land Board. Both the tap fees and usage
rates and charges are capped at the average of the rates of three
nearby water providers. Annually the District surveys the tap fees
and rates of the three nearby providers, and the District may
adjust tap fees and rates and charges for water service on the
Lowry Range based on the average of those charged by this group,
and we receive 98% of whatever the District charges its customers.
Our costs associated with the construction of water delivery
systems and the production, treatment and delivery of water are
subject to market conditions and other factors, which may increase
at a significantly higher rate than that of the fees we receive
from the District. Factors beyond our control and which cannot be
predicted, such as government regulations, insurance and labor
markets, drought, water contamination and severe weather
conditions, like tornadoes and floods, may result in additional
labor and material costs that may not be recoverable under the
current rate structure. Either increased customer demand or
increased water conservation may also impact the overall cost of
our operations. If the costs for construction and operation of our
wholesale water services, including the cost of extracting our
groundwater, exceed our revenues, we would be providing service to
the District for use at the Lowry Range at a loss. The District may
petition the Land Board for rate increases; however, there can be
no assurance that the Land Board would approve a rate increase
request. Further, even if a rate increase were approved, it might
not be granted in a timely manner or in an amount sufficient to
cover the expenses for which the rate increase was
sought.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Our
business is subject to seasonal fluctuations and weather conditions
that could affect demand for our water service and our
revenues.</font> <font style="color: rgb(0, 0, 0);">We depend on an
adequate water supply to meet the present and future demands of our
customers and their end-use customers and to continue our expansion
efforts. Conditions beyond our control may interfere with our water
supply sources. Drought and overuse may limit the availability of
water. These factors might adversely affect our ability to supply
water in sufficient quantities to our customers, and our revenues
and earnings may be adversely affected. Additionally, cool and wet
weather, as well as drought restrictions and our customers&#x2019;
conservation efforts, may reduce consumption demands, adversely
affecting our revenue and earnings. Furthermore, freezing weather
may contribute to water transmission interruptions caused by pipe
and main breakage. If we experience an interruption in our water
supply, it could have a material adverse effect on our financial
condition and results of operations. Demand for our water during
the warmer months is generally greater than during cooler months
due primarily to additional requirements for water in connection
with cooling systems, irrigation systems and other outside water
use. Throughout the year, and particularly during typically warmer
months, demand will vary with temperature and rainfall levels. If
temperatures during the typically warmer months are cooler than
expected or there is more rainfall than expected, the demand for
our water may decrease and adversely affect our
revenues.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Sales
to the fracking industry can fluctuate significantly.</font>
<font style="color: rgb(0, 0, 0);">Our water sales have been
historically highly concentrated directly and indirectly with one
company providing fracking services to the oil and gas industry on
and around the Lowry Range and our Sky Ranch property. Sales to
this customer base as well as renewals of our oil and gas leases,
if any, in the future are impacted by regulations, fracking
technologies, the success of the wells and the price of oil and
gas, among other things. Investment in oil and gas development is
dependent on the price of oil and gas and, recently, the price of
oil has decreased significantly</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">and has
remained at relatively low levels</font><font style="color: rgb(0, 0, 0);">. These water</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">sales essentially ceased in March 2015, and
we have no contractual commitment that will ensure these sales will
resume in the future.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">We
are dependent on the housing market and development in our targeted
service areas for future revenues.</font> <font style="color: rgb(0, 0, 0);">Providing wholesale water service using our
Colorado Front Range water supplies is our principal source of
future revenue. The timing and amount of these revenues will depend
significantly on housing developments being built near our water
assets. The development of these areas is subject to many factors
that are not within our control, and there can be no assurance that
development will occur or that water sales will occur on acceptable
terms or in the amounts or time required for us to support our
costs of operation. In the event wholesale water sales are not
forthcoming or development on the Lowry Range, Sky Ranch or other
developments in our targeted service areas is delayed indefinitely,
we may need to use our capital resources, incur additional short or
long-term debt obligations or seek to sell additional equity, and
there are no assurances that we would</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">have
sufficient capital resources or</font> <font style="color: rgb(0, 0, 0);">be successful in obtaining additional
operating capital. After several years of significant declines in
new home construction, there have been positive market gains in the
Colorado housing market since 2013. However, if the downturn in the
homebuilding and credit markets return or if the national economy
weakens and economic concerns intensify, it could have a
significant negative impact on our business and financial
condition.</font></font></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Development
on the Lowry Range is not within our control and is subject to
obstacles.</font> <font style="color: rgb(0, 0, 0);">Development on
the Lowry Range is controlled by the Land Board, which is governed
by a five-person citizen board of commissioners representing
education, agriculture, local government and natural resources,
plus one at-large commissioner, each appointed for a four-year term
by the Colorado governor and approved by the Colorado Senate. The
Land Board&#x2019;s focus with respect to issues such as development
and conservation on the Lowry Range tends to change as membership
on the Land Board changes. In addition, there are often significant
delays in the adoption and implementation of plans with respect to
property administered by the Land Board because the process
involves many constituencies with diverse interests. In the event
water sales are not forthcoming or development of the Lowry Range
is delayed or abandoned, we may need to use our capital resources,
incur additional short or long-term debt obligations or seek to
sell additional equity, and there are no assurances that we
would</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">have
sufficient capital resources or</font> <font style="color: rgb(0, 0, 0);">be successful in obtaining additional
operating capital.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Because of the prior use of the Lowry Range as a military facility,
environmental clean-up may be required prior to development,
including the removal of unexploded ordnance. The U.S. Army Corps
of Engineers has been conducting unexploded ordnance removal
activities at the Lowry Range for more than 20 years. Continued
activities are dependent on federal appropriations, and the Army
Corps of Engineers has no assurance from year to year of such
appropriations for its activities at the Lowry Range.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Our
construction of water and wastewater projects may expose us to
certain completion, performance and financial risks.</font>
<font style="color: rgb(0, 0, 0);">We expect to rely on independent
contractors to construct our water and wastewater facilities. These
construction activities may involve risks, including shortages of
materials and labor, work stoppages, labor relations disputes,
weather interference, engineering, environmental, permitting or
geological problems and unanticipated cost increases. These issues
could give rise to delays, cost overruns or performance
deficiencies, or otherwise adversely affect the construction or
operation of our water and wastewater delivery systems. In
addition, we may experience quality problems in the construction of
our systems and facilities, including equipment failures. We cannot
assure you that we will not face claims from customers or others
regarding product quality and installation of equipment placed in
service by contractors.</font></font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Certain of our contracts may be fixed-price contracts, in which we
may bear all or a significant portion of the risk for cost
overruns. Under these fixed-price contracts, contract prices are
established in part based on fixed, firm subcontractor quotes on
contracts and on cost and scheduling estimates. These estimates may
be based on a number of assumptions, including assumptions about
prices and availability of labor, equipment and materials, and
other issues. If these subcontractor quotations or cost estimates
prove inaccurate, or if circumstances change, cost overruns may
occur, and our financial results would be negatively impacted. In
many cases, the incurrence of these additional costs would not be
within our control.</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We may have contracts in which we guarantee project completion by a
scheduled date. At times, we may guarantee that the project, when
completed, will achieve certain performance standards. If we fail
to complete the project as scheduled, or if we fail to meet
guaranteed performance standards, we may be held responsible for
cost impacts</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
and/or penalties to the customer resulting from any delay or for
the costs to alter the project to achieve the performance
standards. To the extent that these events occur and are not due to
circumstances for which the customer accepts responsibility or
cannot be mitigated by performance bonds or the provisions of our
agreements with contractors, the total costs of the project would
exceed our original estimates and our financial results would be
negatively impacted.</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Our customers may require us to secure performance and completion
bonds for certain contracts and projects. The market environment
for surety companies has become more risk averse. We secure
performance and completion bonds for our contracts from these
surety companies. To the extent we are unable to obtain bonds, we
may not be awarded new contracts. We cannot assure you that we can
secure performance and completion bonds when required.</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Design, construction or system failures could result in injury to
third parties or damage to property. Any losses that exceed claims
against our contractors, the performance bonds and our insurance
limits at such facilities could result in claims against us. In
addition, if there is a customer dispute regarding performance of
our services, the customer may decide to delay or withhold payment
to us.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">We
have a limited number of employees and may not be able to manage
the increasing demands of our operations.</font> <font style="color: rgb(0, 0, 0);">We have a limited number of employees to
administer our existing assets, interface with applicable
governmental bodies, market our services and plan for the
construction and development of our future assets. We may not be
able to maximize the value of our water assets because of our
limited manpower. We depend significantly on the services of Mark
W. Harding, our President and Chief Financial Officer. The loss of
Mr. Harding would cause a significant interruption of our
operations. The success of our future business development and
ability to capitalize on growth opportunities depends on our
ability to attract and retain additional experienced and qualified
persons to operate and manage our business. State regulations set
the training, experience and qualification standards required for
our employees to operate specific water and wastewater facilities.
Failure to find state-certified and qualified employees to support
the operation of our facilities could put us at risk for, among
other things, regulatory penalties (including fines and suspension
of operations), operational errors at the facilities, improper
billing and collection processes, and loss of contracts and
revenues. We cannot assure you that we can successfully manage our
assets and our growth.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">A
failure of the water wells or distribution networks that we own or
control could result in losses and damages that may affect our
financial condition and reputation.</font> <font style="color: rgb(0, 0, 0);">We distribute water through a network of
pipelines and store water in storage tanks and a pond. A failure of
these pipelines, tanks or the pond could result in injuries and
damage to property for which we may be responsible, in whole or in
part. The failure of these pipelines, tanks, or pond may also
result in the need to shut down some facilities or parts of our
water distribution network in order to conduct repairs. Such
failures and shutdowns may limit our ability to supply water in
sufficient quantities to our customers and to meet the water
delivery requirements prescribed by our contracts, which could
adversely affect our financial condition, results of operations,
cash flow, liquidity and reputation. Any business interruption or
other losses might not be covered by insurance policies or be
recoverable through rates and charges, and such losses may make it
difficult for us to secure insurance in the future at acceptable
rates.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Conflicts
of interest may arise relating to the operation of the District and
the Sky Ranch District.</font><font style="color: rgb(0, 0, 0); font-style: italic;">&#xA0;</font><font style="color: rgb(0, 0, 0);">Our
officers and employees constitute 60% of the directors of the
District as well as the Sky Ranch District. Pure Cycle, along with
our officers and employees and two unrelated individuals, own the
40 acres that constitute the District and the acreage that
constitutes the Sky Ranch Metropolitan District that will be the
retail water and wastewater service provider for the first phase of
Sky Ranch. We have made loans to the District to fund its
operations. At August 31, 2016, total principal and interest owed
to us by the District was $628,500. Pursuant to our Service
Agreement with the District for the provision of water services,
the District retains two percent of the revenues from the sale of
water to its end-use customers on the Lowry Range. Proceeds from
the fee collections will initially be used to repay the
District&#x2019;s obligations to us, but after these loans are
repaid, the District is not required to use the funds to benefit
Pure Cycle. Similarly, we have made loans to and incurred expenses
reimbursable by the Sky Ranch District. At August&#xA0;31, 2016,
total principal and interest owed to us by the Sky Ranch District
was $171,900. It is anticipated that these amounts will be repaid
once Sky Ranch has sold residential units and has customers to pay
for services. We have received benefits from our activities
undertaken in conjunction with these districts, but conflicts may
arise between our interests and those of the districts and our
officers and employees who are acting in dual capacities in
negotiating contracts to which both we and a district are parties.
We expect that both districts will expand when more properties are
developed and become part of the respective districts, and our
officers and employees acting as directors of these districts will
have fiduciary</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">obligations to those other constituents.
There can be no assurance that all conflicts will be resolved in
the best interests of the Company and our shareholders. In
addition, other landowners coming into a district will be eligible
to vote and to serve as directors of that district. There can be no
assurances that our officers and employees will remain as directors
of either District or that the actions of subsequently elected
boards would not have an adverse impact on our
operations.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Our
operations are affected by local politics and governmental
procedures which are beyond our control.</font> <font style="color: rgb(0, 0, 0);">We operate in a highly political
environment. We market our water rights to municipalities and other
governmental entities run by elected or politically appointed
officials. Our principal competitors are municipalities seeking to
expand their sales tax base and other water districts. Various
constituencies, including our competitors, developers,
environmental groups, conservation groups, and agricultural
interests, have competing agendas with respect to the development
of water rights in Colorado, which means that decisions affecting
our business are based on many factors other than economic and
business considerations. Additional risks associated with dealing
with governmental entities include turnover of elected and
appointed officials, changes in policies from election to election,
and a lack of institutional history in these entities concerning
their prior courses of dealing with the Company. We spend
significant time and resources educating elected officials, local
authorities and others regarding our water rights and the benefits
of contracting with us. Political concerns and governmental
procedures and policies may hinder or delay our ability to enter
into service agreements or develop our water rights or
infrastructure to deliver our water. While we have worked to reduce
the political risks in our business through our participation as
the service provider for the District in regional cooperative
resource programs, such as the SMWSA and its WISE partnership with
Denver Water and Aurora Water, as well as education and
communication efforts and community involvement, there can be no
assurance that our efforts will be successful.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Our
Lowry Range Surface water rights are &#x201C;conditional
decrees&#x201D; and require findings of reasonable diligence.</font>
<font style="color: rgb(0, 0, 0);">Our surface water interests and
reservoir sites at the Lowry Range are conditionally decreed and
are subject to a finding of reasonable diligence from the Colorado
water court every six years. To arrive at a finding of reasonable
diligence, the water court must determine that we continue to
diligently pursue the development of said water rights. If the
water court is unable to make such a finding, we could lose the
water right under review. During fiscal 2012, the Lowry Range
conditional decrees were granted their first review by the water
court which determined that we and the District met the diligence
criteria. The water court entered a finding of reasonable diligence
on the Lowry Range surface water decrees on February 11, 2012. Our
next diligence period will be in February 2018. If the water court
does not make a determination of reasonable diligence in 2018, it
would materially adversely impact the value of our interests in the
Rangeview surface water supply.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Water
quality standards are subject to regulatory change.</font>
<font style="color: rgb(0, 0, 0);">We must provide water that meets
all federal and state regulatory water quality standards and
operate our water and wastewater facilities in accordance with
these standards. Future changes in regulations governing the supply
of drinking water and treatment of wastewater may have a material
adverse impact on our financial results. With respect to service of
customers on the Lowry Range, the District&#x2019;s rates might not
be sufficient to cover the cost of compliance with additional or
more stringent requirements. If the cost of compliance were to
increase, we anticipate that the rates of the nearby water
providers that the District uses to establish its rates and charges
would increase to reflect these cost increases, thereby allowing
the District to increase its rates and charges. However, there can
be no assurance that these water providers would raise their rates
in an amount that would be sufficient to enable the District (and
us) to cover any increased compliance costs.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Contamination
to our water supply may result in disruption in our services and
litigation, which could adversely affect our business, operating
results and financial condition.</font> <font style="color: rgb(0, 0, 0);">Our water supplies are subject to the risk
of potential contamination, including contamination from naturally
occurring compounds, pollution from man-made sources and
intentional sabotage. Our land at Sky Ranch and a portion of the
Lowry Range have been leased for oil and gas exploration and
development. Such exploration and development could expose us to
additional contamination risks from related leaks or spills. In
addition, we handle certain hazardous materials at our water
treatment facilities, primarily sodium hypochlorite. Any failure of
our operation of the facilities or any contamination of our
supplies, including sewage spills, noncompliance with water quality
standards, hazardous materials leaks and spills, and similar events
could expose us to environmental liabilities, claims and litigation
costs. If any of these events occur, we may have to interrupt the
use of that water supply until we are able to substitute
the</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">supply from another source or treat the
contaminated supply. We cannot assure you that we will successfully
manage these issues, and failure to do so could have a material
adverse effect on our future results of
operations.</font></font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We may incur significant costs in order to treat the contaminated
source through expansion of our current treatment facilities or
development of new treatment methods. If we are unable to
substitute water supply from an uncontaminated water source, or to
adequately treat the contaminated water source in a cost-effective
manner, there may be an adverse effect on our revenues, operating
results and financial condition. The costs we incur to
decontaminate a water source or an underground water system could
be significant and could adversely affect our business, operating
results and financial condition and may not be recoverable in
rates.</font></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We could also be held liable for consequences arising out of human
exposure to hazardous substances in our water supplies or other
environmental damage. For example, private plaintiffs could assert
personal injury or other toxic tort claims arising from the
presence of hazardous substances in our drinking water supplies.
Although we have not been a party to any environmental or
pollution-related lawsuits, such lawsuits have increased in
frequency in recent years. If we are subject to an environmental or
pollution-related lawsuit, we might incur significant legal costs,
and it is uncertain whether we would be able to recover the legal
costs from ratepayers or other third parties. Our insurance
policies may not cover or provide sufficient coverage for the costs
of these claims.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Climate
change laws and regulations may be adopted by federal and state
environmental agencies that could require additional capital
expenditures and increase our operating costs.</font> <font style="color: rgb(0, 0, 0);">Climate change is receiving ever increasing
attention worldwide.&#xA0;Possible new climate change laws and
regulations, if enacted, may require us to monitor and/or change
our operations.&#xA0;It is possible that new standards could be
imposed that will require additional capital expenditures or raise
our operating costs.&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">With respect
to service of customers on the Lowry Range, the District&#x2019;s
rates might not be sufficient to cover the cost of compliance with
new requirements.</font> <font style="color: rgb(0, 0, 0);">Although we would expect the rates of the
nearby water providers that the District uses to establish its
rates and charges to increase to cover increased compliance
costs,</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">w</font><font style="color: rgb(0, 0, 0);">e
cannot assure you that our costs of complying with new standards or
laws will not adversely affect our business, results of operations
or financial condition.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">We
may be adversely affected by any future decision by the Colorado
Public Utilities Commission to regulate us as a public
utility.</font> <font style="color: rgb(0, 0, 0);">The Colorado
Public Utilities Commission (&#x201C;CPUC&#x201D;) regulates
investor-owned water companies operating for the purpose of
supplying water to the public. The CPUC regulates many aspects of
public utilities&#x2019; operations, including establishing water
rates and fees, initiating inspections, enforcement and compliance
activities and assisting consumers with complaints. We do not
believe we are a public utility under Colorado law. We currently
provide services by contract mainly to the District, which supplies
the public. Quasi-municipal metropolitan districts, such as the
District and the Sky Ranch District, are exempt by statute from
regulation by the CPUC. However, the CPUC could attempt to regulate
us as a public utility. If this were to occur, we might incur
significant expense challenging the CPUC&#x2019;s assertion of
jurisdiction, and we may be unsuccessful. In the future, existing
regulations may be revised or reinterpreted, and new laws and
regulations may be adopted or become applicable to us or our
facilities. If we become regulated as a public utility, our ability
to generate profits could be limited, and we might incur
significant costs associated with regulatory
compliance.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">The
District&#x2019;s and our rights under the Lease have been
challenged by third parties.</font> <font style="color: rgb(0, 0, 0);">The District&#x2019;s and our rights under
the Lease have been challenged by third parties, including the Land
Board, in the past. In 2014, in connection with settling a lawsuit
filed by us and the District against the Land Board, the Land
Board, the District and we amended and restated the Lease to
clarify and update a number of provisions. However, there are
issues still subject to negotiation and it is likely that during
the remaining 65-year term of the Lease the parties will disagree
over interpretations of provisions in the Lease again. There can be
no assurance that the District&#x2019;s or our rights under the
Lease will not be challenged in the future, which could require
potentially expensive litigation to enforce our
rights.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">We
are subject to the risk of possibly being required to register as
an investment company.</font> <font style="color: rgb(0, 0, 0);">On
August 18, 2015, we completed the sale of our Arkansas River
properties and water rights for approximately $45.8 million in
cash. The net proceeds still remaining from that sale, which
currently represents 42% of our total assets, are currently
invested in U.S. treasury notes and certificates of deposit, which
may be regarded as &#x201C;investment securities&#x201D; under the
Investment Company Act of 1940, as amended (the &#x201C;Investment
Company Act&#x201D;). Although our board of directors believes that
we are not engaged primarily in the business of investing,
reinvesting, or trading in securities, and we do not hold ourselves
out as being primarily engaged in those activities, we could fall
within the scope of</font></font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Section&#xA0;3(a)(1)(C) of the Investment
Company Act if the net proceeds from the sale of the Arkansas River
water properties and water rights and other cash and cash
equivalents are invested in investment securities (as defined in
the Investment Company Act) and such investment securities
represent more than 40% of our total assets (exclusive of cash and
certain cash equivalents). A company that falls within the scope of
Section&#xA0;3(a)(1)(C) of the Investment Company Act can avoid
being regulated as an investment company if it can rely on certain
of the exclusions from being deemed to be an &#x201C;investment
company&#x201D; under the Investment Company Act. One such exclusion
is Rule&#xA0;3a-2 under the Investment Company Act, which provides
that a company is deemed not to be an investment company during a
period of time not to exceed one year provided that the company has
a bona fide intent to be engaged primarily, as soon as is
reasonably possible (in any event by the termination of such period
of time), in a business other than that of an investment company.
If necessary, our board of directors would explore transactions
pursuant to which we would cease to be deemed to be an investment
company, such as the disposition of our investment securities,
including through liquidation, or the acquisition of sufficient
assets that are not investment securities in order for us not to be
deemed an investment company under the Investment Company Act.
There can be no assurance that we would be able to complete such
actions by the applicable deadline, or at all. If we were required
to register as an &#x201C;investment company&#x201D; under the
Investment Company Act, applicable restrictions could make it
impractical for us to continue our business as currently conducted
and could have a material adverse effect on us.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Our
stock price has been volatile in the past and may decline in the
future.</font> <font style="color: rgb(0, 0, 0);">Our common stock
has experienced significant price and volume fluctuations in the
past and may experience significant fluctuations in the future
depending upon a number of factors, some of which are beyond our
control. Factors that could affect our stock price and trading
volume include, among others, the perceived prospects of our
business; differences between anticipated and actual operating
results; changes in analysts&#x2019; recommendations or projections;
the commencement and/or results of litigation and other legal
proceedings; and future sales of our common stock by us or by
significant shareholders, officers and directors. In addition,
stock markets in general have experienced price and volume
volatility from time to time, which may adversely affect the market
price of our common stock for reasons unrelated to our
performance.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 1B&#xA0;&#x2013; Unresolved Staff Comments</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
None.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 2&#xA0;&#x2013; Properties</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Corporate
Office</font><font style="color: rgb(0, 0, 0);">&#xA0;&#x2013;
Effective January 2016, we entered into an operating lease for
approximately 2,500 square feet of office and warehouse space. The
lease has a one-year term with payments of $3,000 per month. We
plan to extend our lease for office space after December
2016.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Water
Related Assets</font><font style="color: rgb(0, 0, 0);">&#xA0;&#x2013; In addition to the water
rights and adjudicated reservoir sites that are described in</font>
<font style="color: rgb(0, 0, 0); font-style: italic;">Item
1&#xA0;&#x2013; Our Water and Land Assets</font><font style="color: rgb(0, 0, 0);">, we also own a 500,000-gallon water tank,
400,000-barrel storage reservoir, a 300,000-barrel storage
reservoir, three deep water wells, a pump station, and several
miles of water pipeline in Arapahoe County, Colorado. Additionally,
although owned by the District, we operate and maintain another
500,000-gallon water tank, two deep water wells, a pump station,
three alluvial wells, the District&#x2019;s wastewater treatment
plant, and water distribution and wastewater collection pipelines
that serve customers located at the Lowry Range. These assets are
used to provide service to our existing
customers.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Land</font><font style="color: rgb(0, 0, 0);">&#xA0;&#x2013;
We own approximately 931 acres of land known as Sky Ranch that is
described further in</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Item 1&#xA0;&#x2013; Our
Water and Land Assets&#xA0;&#x2013; Sky Ranch.</font> <font style="color: rgb(0, 0, 0);">We also own 40 acres of land that comprise
the current boundaries of the District.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 3&#xA0;&#x2013; Legal Proceedings</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
None.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 4&#xA0;&#x2013; Mine Safety Disclosures</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
None.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
PART II</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: -48px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 5&#xA0;&#x2013; Market for Registrant&#x2019;s Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity
Securities</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Market Information</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Our common stock is traded on the NASDAQ Capital Market under the
symbol &#x201C;PCYO.&#x201D; The high and low sales prices of our
common stock, by quarter, for the fiscal years ended August 31,
2016 and 2015 are presented below:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
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<div>
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<tr style="background-color: rgb(204, 238, 255);">
<td colspan="5" rowspan="1" style="width: 100%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Table E - Market Information</font></div>
</font><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 52%; vertical-align: bottom;">
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<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Fiscal 2016 quarters ended:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
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<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
August 31</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
May 31</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
February 29</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
November 30</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
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<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Market price of common stock</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
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</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
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</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
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</td>
<td style="width: 12%; vertical-align: bottom;">
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
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<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; High</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.20</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.91</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.12</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.73</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Low</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.34</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.29</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3.65</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.56</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 52%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Fiscal 2015 quarters ended:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
August 31</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
May 31</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
February 28</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
November 30</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Market price of common stock</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; High</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.55</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.50</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.26</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">7.00</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Low</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.37</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.12</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3.54</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.94</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Holders</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
On October 20, 2016, there were 976 holders of record of our common
stock.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Dividends</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">We have never paid any dividends on our
common stock and expect for the foreseeable future to retain all of
our capital and earnings from operations, if any, for use in
expanding and developing our business. Any future decision as to
the payment of dividends will be at the discretion of our board of
directors and will depend upon our earnings, financial position,
capital requirements, plans for expansion and such other factors as
our board of directors deems relevant. The terms of our Series B
Preferred Stock prohibit payment of dividends on common stock
unless all dividends accrued on the Series B Preferred Stock have
been paid and require dividends to be paid on the Series B
Preferred Stock if proceeds from the sale of Export Water exceed
$36,026,232. For further discussion see Note 8&#xA0;&#x2013;</font>
<font style="color: rgb(0, 0, 0); font-style: italic;">Shareholders&#x2019;
Equity</font> <font style="color: rgb(0, 0, 0);">to the
accompanying financial statements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
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<font style="color: rgb(0, 0, 0);">Performance Graph</font>
<font style="color: rgb(0, 0, 0); font-size: 70%; vertical-align: top;">1</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">This graph compares the cumulative total
return of our common stock for the last five fiscal years with the
cumulative total return for the same period of the S&amp;P 500
Index and a peer group index.</font><font style="color: rgb(0, 0, 0); font-size: 70%; vertical-align: top;">2</font>
<font style="color: rgb(0, 0, 0);">The graph assumes the investment
of $100 in common stock in each of the indices as of the market
close on August 31 and reinvestment of all
dividends.</font></font></div>
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</td>
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<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">8/11</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
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<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">8/12</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
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<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">8/13</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
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<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">8/14</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
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<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">8/15</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
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<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">8/16</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
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<td style="vertical-align: bottom; width: 10%;">
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<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
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<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
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<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
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<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
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<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px; font-weight: bold">
Pure Cycle Corporation</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">100.00</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">67.57</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">175.68</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">220.27</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">168.92</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">163.51</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px; font-weight: bold">
S&amp;P 500</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">100.00</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">118.00</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">140.07</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">175.43</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">176.27</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">198.4</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px; font-weight: bold">
Peer Group</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">100.00</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">113.85</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">136.49</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">151.56</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">159.21</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">203.12</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px;">
<tr style="background-color: rgb(255, 255, 255);">
<td style="width: 100%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div><font>&#xA0;</font></div>
<img src="a201610-kv4003.jpg"></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 8px; display: table;">
<div style="display: table-row;">
<div style="width: 24px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">1.</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
This performance graph is not &#x201C;soliciting material,&#x201D; is
not deemed &#x201C;filed&#x201D; with the SEC and is not to be
incorporated by reference in any of our filings under the
Securities Act or the Exchange Act whether made before or after the
date hereof and irrespective of any general incorporation language
in any such filing.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 8px; display: table;">
<div style="display: table-row;">
<div style="width: 24px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">2.</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Peer Group consists of the following companies that have been
selected on the basis of industry focus or industry leadership:
American States Water Company, Aqua America, Inc., Artesian
Resources Corp., California Water Service Group, Connecticut Water
Service, Inc., Middlesex Water Company, SJW Corp., and The York
Water Company.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: -48px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Recent Sales of Unregistered Securities; Use of Proceeds From
Registered Securities</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
None.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: -48px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Purchase of Equity Securities By the Issuer and Affiliated
Purchasers</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
None.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 6&#xA0;&#x2013; Selected Financial Data</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: center; margin: 0px auto; width: 100%; font-family: Times New Roman; font-size: 13px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="6" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font> <font>&#xA0;</font><font><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">Table
F - Selected Financial Data</font></font> <font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; font-style: italic;">
In thousands (except per share data)</font></div>
</td>
<td>
<div><font>&#xA0;</font></div>
</td>
<td colspan="4" style="width: 50%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
For the Fiscal Years Ended August 31,</font></div>
</font><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
2016</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
2015</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
2014</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
2013</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
2012</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Summary Statement of Operations Items:</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Total revenues<br></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">452.2</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,196.6</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,023.1</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">615.6</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">284.4</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; (Loss) income from continuing operations</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(1,230.3</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)<br>
</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;&#xA0;&#xA0;&#xA0;
(575.1)</font><font style="text-align: right; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;"><br>
</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">285.5</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;"><br>
</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(1,227.9</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)<br>
</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(6,947.3</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)<br>
</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Net loss</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(1,310.6</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(23,127.9</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(311.4</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(4,150.4</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(17,418.7</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Basic and diluted loss per share</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(0.06</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(0.96</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(0.01</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(0.17</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(0.72</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Weighted average shares outstanding</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">23,781</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">24,041</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">24,038</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">24,038</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">24,038</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 50%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="null"><font>&#xA0;</font></div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: center; margin-left:0px;font-size:13px;margin-top:0px;margin-bottom:0px;width:100%;margin-right:0px;font-family:Times New Roman;">
<tr style="background-color: rgb(204, 238, 255);">
<td rowspan="1" style="vertical-align: bottom; width: 50%;">
<div style="margin-left: 0px; padding-bottom: 2px;">
<font>&#xA0;</font></div>
</td>
<td colspan="5" rowspan="1" style="vertical-align: bottom; width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: center; height: 19px; width: 99%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 13px; font-family: Times New Roman; color: rgb(51, 51, 51);">
As of August 31,</font></div>
</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #333333; font-family: Times New Roman; font-size: 13px">Summary
Balance Sheet Information:</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">2016</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">2015</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">2014</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">2013</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">2012</font><font style="font-size:13px;font-family:Times New Roman;color:#333333;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #333333; font-family: Times New Roman; font-size: 13px">&#xA0;
Current assets</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">29,085.9</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">39,580.9</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,463.3</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">9,900.0</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">7,661.8</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #333333; font-family: Times New Roman; font-size: 13px">&#xA0;
Total assets</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">70,879.6</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">73,060.9</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">108,173.8</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">108,618.3</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">111,582.0</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #333333; font-family: Times New Roman; font-size: 13px">&#xA0;
Current liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">482.2</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,499.1</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,274.4</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,402.3</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6,254.8</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #333333; font-family: Times New Roman; font-size: 13px">&#xA0;
Long-term liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,399.5</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,476.4</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">13,868.9</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">65,443.5</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">75,209.5</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #333333; font-family: Times New Roman; font-size: 13px">&#xA0;
Total liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,881.7</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,975.5</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">17,143.3</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">70,845.8</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">81,464.3</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #333333; font-family: Times New Roman; font-size: 13px">&#xA0;
Equity</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">68,997.9</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">70,085.5</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">91,030.5</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">37,772.5</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">30,117.8</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The following items had a significant impact on our
operations:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(a)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In fiscal 2016, we invested $923,800 in our water and wastewater
systems and $285,600 for planning and design of our Sky Ranch
property. We also purchased three farms for approximately $450,300
in order to correct dry-up covenant issues related to water-only
farms in order obtain the release of the escrow funds related to
the Company&#x2019;s farm sale to Arkansas River Farms,
LLC.</font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(b)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In fiscal 2015, we sold our remaining farm assets for approximately
$45.8 million, for a loss of approximately $22.3 million. In
conjunction with the sale, we repaid $4.9 million in mortgage debt
relating to the farms and we invested approximately $3.5 million
into our water systems. Financial results for the farm assets have
been reflected as discontinued operations and all prior periods
have been reclassified.</font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(c)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">In fiscal 2014, in order to protect our farm
assets, we acquired the remaining approximately $2.6 million of the
$9.6 million in notes defaulted on by High Plains A&amp;M, LLC
(&#x201C;HP A&amp;M&#x201D;)</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">.</font><font style="color: rgb(0, 0, 0); font-style: italic;">&#xA0;</font><font style="color: rgb(0, 0, 0);">Additionally,
we borrowed $1.75 million, sold farms for $5.8 million, and
invested $3.7 million in our water systems. Additionally, we
recorded an impairment of approximately $400,000 on land and water
rights held for sale, and we recorded a gain of $1.3 million upon
completing the sale of certain farms that we previously impaired in
fiscal 2012.</font></font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(d)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In fiscal 2013, in order to protect our farm assets, we acquired
approximately $7 million of the $9.6 million in HP A&amp;M
defaulted notes. Additionally, we sold 1,500,000 unregistered
shares of Pure Cycle common stock owned by HP A&amp;M for $2.35 per
share, yielding approximately $3.4 million, net of
expenses.</font></div>
</div>
</div>
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<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(e)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In fiscal 2012, the Paradise Water Supply asset was deemed fully
impaired and the entire asset value of $5.5 million was written off
and recorded in the accompanying financial statements.
Additionally, we recorded an impairment of $6.5&#xA0;million on
land and water rights held for sale.</font></div>
</div>
</div>
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</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 7&#xA0;&#x2013; Management&#x2019;s Discussion and Analysis of
Financial Condition and Results of Operations</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Overview</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic;">The discussion and
analysis below includes certain forward-looking statements that are
subject to risks, uncertainties and other factors, as described in
&#x201C;Risk Factors&#x201D; and elsewhere in this Annual Report on
Form&#xA0;10-K, that could cause our actual growth, results of
operations, performance, financial position and business prospects
and opportunities for this fiscal year and the periods that follow
to differ materially from those expressed in, or implied by, those
forward-looking statements.</font><font style="color: rgb(0, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0); font-style: italic;">Readers are cautioned
that forward-looking statements contained in this Form 10-K should
be read in conjunction with our disclosure under the heading
&#x201C;FORWARD-LOOKING STATEMENTS&#x201D; on page
1.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic;">
&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The following Management&#x2019;s Discussion
and Analysis (&#x201C;MD&amp;A&#x201D;) is intended to help the
reader understand the results of operations and our financial
condition and should be read in conjunction with the accompanying
financial statements and the notes thereto included in</font>
<font style="color: rgb(0, 0, 0); font-style: italic;">Part&#xA0;II, Item
8</font> <font style="color: rgb(0, 0, 0);">of this Annual Report
on Form 10-K. The following sections focus on the key indicators
reviewed by management in evaluating our financial condition and
operating performance, including the following:</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Revenue generated from providing water and wastewater
services;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Expenses associated with developing our water and land assets;
and</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Cash available to continue development of our water rights and
service agreements.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Our MD&amp;A section includes the following items:</font></div>
<div style="text-align: justify; text-indent: 48px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic;">
&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 24px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Our
Business</font><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">&#xA0;&#x2013;</font>
<font style="color: rgb(0, 0, 0);">a general description of our
business, our services and our business
strategy.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 24px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic;">
&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 24px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Critical
Accounting Policies and Estimates</font><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">&#xA0;&#x2013;</font>
<font style="color: rgb(0, 0, 0);">a discussion of our critical
accounting policies that require critical judgments, assumptions
and estimates.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 24px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic;">
&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 24px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Results of
Operations</font><font style="color: rgb(0, 0, 0);">&#xA0;&#x2013;
an</font><font style="color: rgb(0, 0, 0); font-weight: bold;">&#xA0;</font><font style="color: rgb(0, 0, 0);">analysis of our results of operations for
the three fiscal years presented in our financial statements. We
present our discussion in the MD&amp;A in conjunction with the
accompanying financial statements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 24px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic;">
&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 24px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Liquidity,
Capital Resources and Financial Position</font><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">&#xA0;&#x2013;</font>
<font style="color: rgb(0, 0, 0);">an analysis of our cash position
and cash flows, as well as a discussion of our financial
obligations.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Our Business</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pure Cycle Corporation is a Colorado corporation that provides
wholesale water and wastewater services to end-use customers of
governmental entities and to commercial and industrial
customers.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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 or controlling (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>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We currently provide wholesale water and wastewater service
predominately to two local governmental entity customers. Our
largest wholesale domestic customer is the District. We provide
service to the District and its end-use customers pursuant to the
Rangeview Water Agreements. Through the District, we serve 258 SFE
water</font></div>
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</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
connections and 157 SFE wastewater connections located in
southeastern metropolitan Denver. In the past three years, we have
been providing untreated water to industrial customers in the oil
and gas industry located in our service areas and adjacent to our
service areas for the purpose of hydraulic fracturing. Oil and gas
operators have leased more than 135,000 acres within and adjacent
to our service areas for the purpose of exploring oil and gas
interests in the Niobrara and other formations, and this activity
had led to increased water demands. As a result of the decline in
oil prices, drilling has been significantly reduced, and as of the
date of this report, we are not selling water to the oil and gas
industry.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">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 generally referred to as the Front Range.
Principally we target the I-70 corridor, which is located east of
downtown Denver and south of Denver International Airport. This
area is predominately undeveloped and is expected to experience
substantial growth over the next 30 years.</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">We also plan
to continue to provide water service to commercial and industrial
customers.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Critical Accounting Policies and Use of Estimates</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America (&#x201C;GAAP&#x201D;) requires management to make estimates
and assumptions about future events that affect the amounts
reported in the 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
financial statements.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The most significant accounting estimates inherent in the
preparation of our financial statements include estimates
associated with the timing of revenue recognition, the impairment
of water assets and other long-lived assets, fair value estimates
and share-based compensation. Below is a summary of these critical
accounting policies.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Revenue Recognition</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Our revenues consist mainly of monthly
service fees, tap fees, construction fees, and consulting fees. As
further described in Note 2&#xA0;&#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Summary of Significant
Accounting Policies</font> <font style="color: rgb(0, 0, 0);">to
the accompanying financial statements, proceeds from tap sales and
construction fees are deferred upon receipt and recognized in
income based on whether we own or do not own the facilities
constructed with the proceeds. We recognize tap and construction
fees derived from agreements for which we construct infrastructure
owned by others as revenue, along with the associated costs of
construction, pursuant to the percentage-of-completion method. The
percentage-of-completion method requires management to estimate the
percent 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 fiscal years ended
August 31, 2016, 2015 or 2014.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Tap and construction 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&#x2019;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 therefore be matched with the revenues.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Monthly water usage fees, monthly wastewater service fees, and
consulting fees are recognized in income each month as
earned.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pursuant to the O&amp;G Lease and an oil and gas lease on 40 acres
of mineral estate the Company owns adjacent to the Lowry Range (the
&#x201C;Rangeview Lease&#x201D;), we received up-front payments which
are recognized as other income on a straight-line basis over the
initial term or extension of term, as applicable, of the
leases.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Impairment of Water Assets and Other Long-Lived Assets</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We review our long-lived assets for impairment 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>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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 consuming approximately 0.2 acre
feet of water per year. Average water deliveries are approximately
0.4 acre feet; however, approximately 50% or 0.2 acre feet are
returned and available for reuse. 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 with our supplies
or the amount of water legally decreed to us relating to these
supplies.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We report assets to be disposed of at the lower of the carrying
amount or fair value less costs to sell.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Our
Water Rights &#x2013;</font> <font style="color: rgb(0, 0, 0);">We
determine the undiscounted cash flows for our Denver-based assets
by estimating tap sales to potential new developments in our
service areas and 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 areas 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
financial statements as well as our results of operations. We
performed an impairment analysis as of August 31, 2016, and
determined there were no material changes and that our Denver-based
assets are not impaired and their costs are 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) as well as in surrounding areas, including the Front Range
and the I-70 corridor. Our combined Rangeview Water Supply and Sky
Ranch water assets have a carrying value of $28.3 million as of
August 31, 2016. Based on the carrying value of our water rights,
the long-term and uncertain nature of any development plans,
current tap fees of $24,620 and estimated gross margins, we
estimate that we would need to add approximately 2,300 new water
connections (requiring 4% of our portfolio) to generate net
revenues sufficient to recover the costs of our Rangeview Water
Supply and Sky Ranch water. If tap fees increase 5%, we would need
to add approximately 2,200 new water taps (requiring 3.8% of our
portfolio) to recover the costs of our Rangeview Water Supply and
Sky Ranch water. If tap fees decrease 5%, we would need to add
approximately 2,400 new water taps (requiring 4.2% of our
portfolio) to recover the costs of our Rangeview Water Supply and
Sky Ranch water.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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, nor our service obligations to
existing properties or the number of SFEs we can
service.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Fair Value Estimates</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">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. We
generally use 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>
<font style="color: rgb(0, 0, 0); font-style: italic;">See</font>
<font style="color: rgb(0, 0, 0);">Note 3 &#x2013;</font>
<font style="color: rgb(0, 0, 0); font-style: italic;">Fair Value
Measurements</font> <font style="color: rgb(0, 0, 0);">to the
accompanying financial statements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</div>
<div id="pb" style="text-align: center; width: 100%; height: 1px; margin-right: 0px; margin-bottom: 6px; margin-left: 0px; page-break-after: always; background-color: rgb(0, 0, 0);">
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Share-based Compensation</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">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/&#x200C;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. We do not expect any forfeiture of option grants;
therefore, the compensation expense has not been reduced for
estimated forfeitures. 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 financial statements. For further details on share-based
compensation expense, see Note 8&#xA0;&#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Shareholders&#x2019;
Equity</font> <font style="color: rgb(0, 0, 0);">to the
accompanying financial statements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Results of Operations</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Executive Summary</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The results of our operations for the fiscal years ended August 31,
2016, 2015 and 2014 were as follows:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: center; margin-left:0px;font-size:13px;margin-top:0px;margin-bottom:0px;width:100%;margin-right:0px;font-family:Times New Roman;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="8" rowspan="1" style="vertical-align: bottom; width: 100%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 98%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">Table G -
Summary of Results of Operations</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 1%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px; font-size: 11px;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px; font-size: 11px;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px; font-size: 11px;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: bottom; width: 40%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 2%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 96%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">Change</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 2%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 30%;">
<div style="padding-bottom:2px;"><font style="font-size: 11px"><br></font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 30%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 3%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 94%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font>&#xA0;</font> <font><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">Fiscal Years
Ended August 31,</font></font> <font>&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 3%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 20%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 90%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">&#xA0;</font>
<font style="font-family: Times New Roman; color: rgb(0, 0, 0);">2016-2015</font><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">&#xA0;</font>
<font>&#xA0;</font><font><font>&#xA0;</font></font>
<font>&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 20%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 90%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font>&#xA0;</font>&#xA0; <font><font style="font-family: Times New Roman;">2015-2014</font></font><font>&#xA0;</font>
<font>&#xA0;</font> <font><font style="font-family: Times New Roman;">&#xA0;</font></font><font>&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 30%;">
<div style="padding-bottom:2px;"><font style="font-size: 11px"><br></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">2016</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;"><br></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">2015</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">2014</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;"><font>&#xA0; $</font></font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">&#xA0;</font>
<font style="font-family: Times New Roman; color: rgb(0, 0, 0);">%</font>
<font style="font-family: Times New Roman; color: rgb(0, 0, 0);"><br>
</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font>$<br></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman; color: rgb(0, 0, 0);">&#xA0;</font>
<font style="font-family: Times New Roman; color: rgb(0, 0, 0);">%</font><font style="font-family: Times New Roman; color: rgb(0, 0, 0);"><br>
</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Millions of
gallons of water delivered</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">33.9</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">97.5</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">190.1</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(63.6</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-65</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(92.6</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-49</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Water revenues
generated</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">221,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">970,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">1,879,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(749,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-77</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(909,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-48</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Water delivery
operating costs incurred</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;
(excluding depreciation and depletion)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">264,400</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">464,900</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">547,600</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(200,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-43</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(82,700</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-15</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0; Water
delivery gross margin %</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-20</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">52</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">71</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 30%;">
<div style="margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Wastewater
treatment revenues</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">43,700</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">50,100</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">45,400</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(6,400</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-13</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">4,700</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">10</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Wastewater
treatment operating costs incurred</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">29,200</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">66,700</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">38,400</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(37,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-56</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">28,300</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">74</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;
Wastewater treatment gross margin %</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">33</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-33</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">15</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 30%;">
<div style="margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Other
income</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">131,700</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">120,700</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">42,400</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">11,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">9</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">78,300</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">185</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Other income
costs incurred</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">68,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">55,200</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">39,400</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">13,300</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">24</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">15,800</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">40</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0; Other
income gross margin %</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">48</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">54</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">7</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 30%;">
<div style="margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">General and
administrative expenses</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">1,849,700</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">1,939,400</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">2,445,600</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(89,700</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-5</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(506,200</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-21</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 30%;">
<div style="margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">(Loss) income
from continuing operations</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(1,230,300</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(575,100</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">285,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(655,200</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">114</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(860,600</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-301</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Loss from
discontinued operations, net of taxes<br></font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(80,300</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(22,552,800</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(597,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">22,472,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-100</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(21,995,800</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">3684</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Net
loss</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(1,310,600</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(23,127,900</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(311,400</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">21,817,300</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-94</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(22,816,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 11px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">7327</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Changes in Revenues and Gross Margin</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We generate revenues from water and wastewater services. Water and
wastewater revenues are generated from (i) monthly wholesale water
usage fees and wastewater service fees, (ii) one-time water and
wastewater tap fees and construction fees, and (iii) consulting
fees.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Water
and Wastewater Revenues &#x2013;</font><font style="color: rgb(0, 0, 0); font-style: italic;">&#xA0;</font><font style="color: rgb(0, 0, 0);">Our
water deliveries decreased 65% in fiscal 2016 compared to fiscal
2015 and decreased 49% in fiscal 2015 compared to fiscal 2014.
Water revenues decreased 77% in fiscal 2016 compared to fiscal 2015
and decreased 48% in fiscal 2015 compared to fiscal 2014. The
decreases in deliveries and sales were primarily due to the changes
in demand for water to be used for oil and gas activities &#x2013;
namely, fracking wells drilled into the Niobrara formation. The
following table details the sources of our water sales, the number
of kgal (1,000 gallons) sold, and the average price per kgal for
fiscal 2016, fiscal 2015, and fiscal 2014.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">30</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="10" rowspan="1" style="vertical-align: bottom; width: 100%;">
<div><font style="text-align: left; padding-bottom:2px;width:1%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:98%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Table H -
Water Revenue Summary</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:1%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 19%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 27%;">
<div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2016</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 27%;">
<div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>&#xA0;</font> <font><font style="font-size:13px;font-family:Times New Roman;color:#000;">2015</font></font>
<font>&#xA0;</font> <font>&#xA0;</font> <font><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></font>
<font>&#xA0;</font> <font>&#xA0;</font> <font>&#xA0;</font>
<font>&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 27%;">
<div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>&#xA0;</font> <font><font style="font-size:13px;font-family:Times New Roman;color:#000;">2014</font></font>
<font>&#xA0;</font> <font>&#xA0;</font> <font><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></font>
<font>&#xA0;</font> <font>&#xA0;</font> <font><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></font>
<font>&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 19%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Customer
Type</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Sales (in
thousands)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">kgal</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Average
per kgal</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Sales (in
thousands)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">kgal</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Average
per kgal</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Sales (in
thousands)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">kgal</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Average
per kgal</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 19%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">On-Site</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">149.1</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">26,620.8</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5.60</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">137.3</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">20,821.7</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6.59</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">130.7</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23,318.2</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5.61</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 19%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Export-Commercial</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">71.3</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">7,216.2</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">9.88</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">50.0</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,158.4</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">12.02</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">31.6</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,318.4</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">13.63</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 19%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Industrial/Fracking</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">0.6</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">58.2</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">10.31</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">782.7</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">72,557.6</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">10.79</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,717.2</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">164,502.7</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">10.44</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 19%;">
<div style="padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">221.0</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">33,895.2</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">6.52</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">970.0</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">97,537.7</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">9.94</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,879.5</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">190,139.3</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">9.88</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Our gross margin on delivering water (not including depletion
charges) was a loss of 20% during fiscal 2016 and income of 52% and
71% during fiscal 2015 and 2014, respectively. The changes in our
gross margins were due to changes in demand related to water sales
to the fracking industry and our ability to offset the ECCV system
costs with increased water deliveries in fiscal 2014 and decreasing
water deliveries in fiscal 2015 and fiscal 2016.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Our wastewater fees decreased 13% in fiscal 2016 compared to fiscal
2015 and increased 10% in fiscal 2015 compared to fiscal 2014.
Wastewater fee fluctuations result from demand changes from our
only customer.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We did not sell any water or wastewater taps during fiscal 2016,
2015 or 2014.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Other income consisted principally of
consulting fees of</font><font style="color: rgb(255, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">$131,700, $85,800, and $42,400 for the
fiscal years ended August 31, 2016, 2015, and 2014, respectively.
Our consulting fees increased 54% in fiscal 2016 compared to fiscal
2015 and increased 102% in fiscal 2015 compared to fiscal 2014. The
increase in fees is the result of the additional management of new
water systems. We have increased from managing two systems during
fiscal 2014 to managing four systems during fiscal 2015 and five
systems during fiscal 2016. During the fiscal year ended August 31,
2015, we also received income related to a cost-sharing arrangement
from our industrial water sales related to the fracking industry in
the amount of $34,900. Our margins have fluctuated as we allocated
additional staff costs to system management.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
General and Administrative Expenses</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Table I details significant items, and changes, included in our
General and Administrative Expenses (&#x201C;G&amp;A
Expenses&#x201D;) as well as the impact that share-based
compensation has on our G&amp;A Expenses for the fiscal years ended
August 31, 2016, 2015 and 2014, respectively.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-left:0px;font-size:13px;margin-top:0px;margin-bottom:0px;width:100%;margin-right:0px;font-family:Times New Roman;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="8" rowspan="1" style="vertical-align: bottom; width: 100%;">
<div><font style="text-align: left; padding-bottom:2px;width:1%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:98%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Table I -
G&amp;A Expenses</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:1%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 30%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: bottom; width: 40%;">
<div><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Change</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 2px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom;">
<div><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; display: inline-block; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font><font style="text-align: left; display: inline-block; vertical-align: bottom;"><font style="vertical-align: bottom;">Fiscal Years Ended August
31,</font></font><br></font></div>
</font><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom;">
<div><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; display: inline-block; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">2016-2015<br>
</font></div>
</font><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom;">
<div><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; display: inline-block; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2015-2014</font><br></font></div>
</font><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="padding-bottom: 2px;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Significant
G&amp;A Expense items:</font></div>
</div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;2016</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px; font-family: Times New Roman;">2015<br></font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;2014</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">$&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">%&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">$&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">%&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Salary and salary-related expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,084,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,234,100</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">962,800</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(149,800</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-12</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">271,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">28</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Professional fees</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">250,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">291,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,072,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(40,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-14</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(780,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-73</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Fees paid to directors including insurance</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">134,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">140,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">120,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(6,000</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-4</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">20,000</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">17</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Insurance</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">35,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">31,600</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">30,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">14</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Public entity related expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">109,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">83,200</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">92,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">26,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">32</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(9,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-10</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Consulting fees</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,700</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">18,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">13,100</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(12,600</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-69</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">5,200</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Property taxes</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">9,200</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">7,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(50,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,800</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">24</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">57,700</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-115</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
All other components of G&amp;A combined</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">219,800</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">133,000</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">204,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">86,800</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">65</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(71,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-35</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">G&amp;A
Expenses as reported</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,849,700</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,939,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,445,600</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(89,700</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-5</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(506,200</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-21</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Share-based
compensation</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(219,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(240,000</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(251,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">20,100</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-8</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">11,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-5</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #333333; font-family: Times New Roman; font-size: 13px">G&amp;A
Expenses less share-based compensation</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,629,800</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,699,400</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,193,700</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(69,600</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#333333;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-4</font><font style="text-align: left; color:#333333;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(494,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-23</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">%</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 30%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Note -
salary and salary-related expenses excluding share-based
compensation:</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Salary and salary-related expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">864,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">994,100</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">710,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(129,700</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-13</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">283,200</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Salary
and Salary-Related Expenses</font> <font style="color: rgb(0, 0, 0);">&#x2013; Salary and salary-related expenses
decreased by 12% during fiscal 2016 as compared to fiscal 2015 and
increased by 28% during fiscal 2015 as compared to fiscal 2014. The
decrease in fiscal 2016 compared to fiscal 2015 was the result of
the Company paying lower bonuses, offset by the addition of one
operator, during fiscal 2016. The increase in fiscal 2015 compared
to fiscal 2014 was the result of the Company paying increased
bonuses and the addition of two field personnel during fiscal 2015.
As noted on the bottom line of Table I, salary and salary-related
expenses excluding share-based compensation expenses decreased 13%
during</font></font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">31</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">fiscal 2016 compared to fiscal 2015 and
increased 40% during fiscal 2015 compared to fiscal 2014.
Share-based compensation expenses decreased 8% during fiscal 2016
compared to fiscal 2015 as a result of the complete recognition of
options issued to management during fiscal 2013, which occurred
over a period of less than 12 months during fiscal 2016.
Share-based compensation expenses decreased 5% during fiscal 2015
compared to fiscal 2014 as a result of a decrease in the number of
options issued during fiscal 2015 compared to fiscal
2014.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Professional
Fees (mainly legal and accounting fees)</font> <font style="color: rgb(0, 0, 0);">&#x2013; Professional fees decreased 14%
during fiscal 2016 compared to fiscal 2015 and decreased 73% during
fiscal 2015 compared to fiscal 2014. The decrease during fiscal
2016 compared to fiscal 2015 was primarily the result of decreased
general legal fees. The decrease during fiscal 2015 compared to
fiscal 2014 was primarily the result of settlement of the Land
Board litigation, which decreased legal fees by
$852,000.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Fees
Paid to Our Board of Directors</font> <font style="color: rgb(0, 0, 0);">&#x2013; Fees for our board in fiscal 2016
include $54,400 for premiums related to our directors and officers
insurance policy (this amount increased by $4,000 from fiscal
2015). The remaining fiscal 2016 fees of $80,000 represent amounts
accrued to our board members for annual service, meeting attendance
fees and travel expenses, which were somewhat lower than in fiscal
2015 due to a decrease in the number of board meetings held in
2016. Fees for our board in fiscal 2015 include $50,500 for
premiums related to our directors and officers insurance policy
(this amount increased by $1,000 from fiscal 2014). The remaining
fiscal 2015 fees of $89,900 represent amounts accrued to our board
members for annual service, meeting attendance fees and travel
expenses, which were higher than in fiscal 2014 due to changing
from expensing annual director fees when paid to expensing annual
director fees ratably throughout the calendar year. Fees paid to
our board of directors in fiscal 2014 include $49,500 for premiums
related to our directors and officers insurance policy. The
remaining $70,900 represent amounts paid to our board members for
annual service, meeting attendance fees and travel
expenses.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Insurance
&#x2013;</font> <font style="color: rgb(0, 0, 0);">We maintain
policies for general liability insurance, workers compensation
insurance, and casualty insurance to protect our assets. Insurance
expense fluctuates based on the number of employees and premiums
associated with insuring our water systems.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Public
Entity Expenses</font> <font style="color: rgb(0, 0, 0);">&#x2013;
Costs associated with being a corporation and costs associated with
being a publicly traded entity consist primarily of XBRL and Edgar
conversion fees, stock exchange fees, and press releases. These
costs fluctuate from year to year.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Consulting
Fees &#x2013;</font> <font style="color: rgb(0, 0, 0);">Consulting
fees for fiscal 2016 consisted of $5,000 for board advisory
services and $700 related to the development of the Sky Ranch water
districts. Consulting fees for fiscal 2015 consisted of $10,000 for
board advisory services, $3,800 related to developing Sky Ranch,
and $4,500 related to the development of the Sky Ranch Districts.
Consulting fees for fiscal 2014 consisted of $9,600 related to the
development of the Sky Ranch Districts and $3,500 in general
consulting fees related to our water rights.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Property
Taxes</font> <font style="color: rgb(0, 0, 0);">&#x2013; Our 2014
property tax expense included a credit received from the County due
to a reclassification of our Sky Ranch property from commercial to
farm land.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Other
G&amp;A Expenses</font> <font style="color: rgb(0, 0, 0);">&#x2013;
Other G&amp;A Expenses include typical operating expenses related
to the maintenance of our office, business development, bad debt
charges, travel, and District funding. Other G&amp;A increased 65%
during fiscal 2016 compared to fiscal 2015 and decreased 35% during
fiscal 2015 compared to fiscal 2014. The changes were primarily the
result of the timing of various expenses. As described in greater
detail in Note 14 &#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Related Party
Transactions</font> <font style="color: rgb(0, 0, 0);">to the
accompanying financial statements, pursuant to a funding agreement
with the District, we are now accruing the funding to the District
for overhead expenses reimbursable under our agreement into a note,
which decreased our G&amp;A by approximately $114,000 from fiscal
2014 to fiscal 2015.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">32</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Other Income and Expense Items</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; padding-top: 0px; padding-bottom: 0px; margin: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin-left:0px;font-size:13px;margin-top:0px;margin-bottom:0px;width:100%;margin-right:0px;font-family:Times New Roman;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="8" rowspan="1" style="vertical-align: bottom; width: 100%;">
<div style="border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="text-align: left; vertical-align:bottom;width:1%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:98%;display:inline-block;">
<div>&#xA0; <font style="font-size:13px;font-family:Times New Roman;color:#000000;">Table J
- Other Items</font><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font>
<font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font>
<font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:1%;display:inline-block;">&#xA0;</font></div>
</div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: bottom; width: 40%;">
<div><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>Change<br></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 30%;">
<div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;color:#000;">For the
Fiscal Years Ended August 31,</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 20%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>2</font><font style="font-size:13px;font-family:Times New Roman;color:#000;">016-2015</font>
<font style="font-size:13px;font-family:Times New Roman;"><br>
</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 20%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>&#xA0;</font> <font style="font-size:13px;font-family:Times New Roman;">2015-2014<br></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
income items:</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;">2016</font><font>&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>&#xA0;</font><font style="font-size:13px;font-family:Times New Roman;">2015&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>&#xA0;</font> <font style="font-size:13px;font-family:Times New Roman;">2014</font><font>&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>&#xA0;$</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font>&#xA0;</font> %</div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;"><font>&#xA0; $<br></font></font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font>
<font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font>
<font style="font-size:13px;font-family:Times New Roman;">%</font>&#xA0;
<font style="font-size:13px;font-family:Times New Roman;"><br>
</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;Oil
and gas lease income, net</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">360,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">645,700</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">525,400</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(284,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-44</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">120,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;Oil
and gas royalty income, net</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">343,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">412,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(69,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-17</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">412,600</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;Interest
income</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">241,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">21,300</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">12,500</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">220,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1033</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">8,800</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">70</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;Other</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">22,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">160,000</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(18,200</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-82</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(137,900</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-86</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;Gain
on extinguishment of contingent</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;obligations</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">832,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(832,100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">100</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The $360,800, $645,700, and $525,400 of oil and gas lease payments
recognized in fiscal 2016, fiscal 2015, and fiscal 2014,
respectively, primarily represent the deferred recognition of the
up-front payments received in March 2011 and February 2014, upon
the signing of the O&amp;G Lease and Surface Use Agreement and
related extension. The amounts also represent the up-front payments
received for the Rangeview Lease. On March 10, 2011 we received an
up-front payment of $1,243,400 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 oil and gas
rights under the remaining 304 acres at Sky Ranch were already
owned by a third party. We deferred immediate recognition of the
up-front payment and began recognizing the up-front payment in
income over the initial three-year term of the O&amp;G Lease
beginning March 10, 2011. During February 2014, we received an
additional payment of $1,243,400 to extend the initial term of the
O&amp;G Lease by an additional two years through February 2016. The
income received for the extension was recognized in income over the
two-year extension term of the O&amp;G Lease. As of August 31,
2016, we have deferred recognition of $19,000 of income related to
the Rangeview Lease.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">The oil and
gas royalty income represents amounts received pursuant to the
O&amp;G Lease.</font> <font style="color: rgb(0, 0, 0);">The amount
for fiscal 2015 includes royalties from oil production from
commencement of each well through August 15, 2015, which represents
approximately six months of production. The amounts for fiscal 2016
include royalties of each well from August 16, 2015 through August
15, 2016. The first well (referred to as &#x201C;Sky Ranch&#x201D; in
the chart below) generated oil and gas royalty revenue of
approximately $266,600 and $321,800, 20% gross (net of taxes),
based on the Company&#x2019;s 3/8</font><font style="color: rgb(0, 0, 0); font-size: 70%; vertical-align: top;">ths</font>
<font style="color: rgb(0, 0, 0);">interest of the total production
of this 1,280-acre pooled mineral estate during the fiscal years
ended August 31, 2016 and 2015, respectively. This 10,000-foot
horizontal well recorded production of approximately 80,400 and
105,000 barrels of oil for the fiscal years ended August 31, 2016
and 2015, respectively. The second well (referred to as
&#x201C;Property&#x201D; in the chart below) generated oil and gas
royalty revenue of approximately $77,000 and $90,800, 20% gross
(net of taxes), based on the Company&#x2019;s 1/8</font><font style="color: rgb(0, 0, 0); font-size: 70%; vertical-align: top;">ths</font>
<font style="color: rgb(0, 0, 0);">interest of the total production
of this 1,280-acre pooled mineral estate during the fiscal years
ended August 31, 2016 and 2015, respectively. This 10,000-foot
horizontal well recorded production of approximately 73,400 and
88,600 barrels of oil for the fiscal years ended August 31, 2016
and 2015, respectively.</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">During fiscal
2014 there were no producing wells. The following charts detail
well production and oil and gas royalties during fiscal 2015 and
fiscal 2016.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<img src="a201610-kv4004.jpg"></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<img src="a201610-kv4005.jpg"></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Interest income represents interest earned
on the temporary investment of capital in cash equivalents or
available-for-sale securities, interest accrued on the notes
receivable from the District and the Sky Ranch District, and
interest accrued on the Special Facilities construction proceeds
receivable from Arapahoe County.</font><font style="color: rgb(255, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">The increase from fiscal 2015 compared to
fiscal 2016 is due to the receipt of interest on investments
related to the proceeds from the sale of our
farms.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Other represents income we received for various easements and the
construction of infrastructure for the oil and gas industry, which
is partially offset by other non-operational expenses.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Gain on extinguishment of contingent obligations resulted from the
relinquishment of the Comprehensive Amendment Agreement No. 1
(&#x201C;CAA&#x201D;) interest held by the Land Board in fiscal
2014.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Discontinued Operations</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
For additional information about our discontinued operations, see
Notes to Consolidated Financial Statements.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The following table provides the components of discontinued
operations:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">34</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="4" rowspan="1" style="vertical-align: bottom; width: 100%; border-top: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000;">
Table K - Discontinued Operations Statements of
Operations<br></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:2%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 36%;">
<div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000;">
Fiscal years ended August 31,</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000;">
2016</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000;">
2015</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;color:#000;">
2014</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Farm
revenues</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">267,472</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,127,155</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,068,026</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Farm
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(77,132</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(126,279</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(88,105</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Gross profit</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">190,340</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,000,876</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">979,921</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">General
and administrative expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(313,389</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(760,192</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(911,230</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Impairment
of land and water rights held for sale</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(402,657</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Operating (loss) profit</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(123,049</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">240,684</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(333,966</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Finance
charges</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">38,428</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">21,710</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">14,392</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">(Loss)
gain on sale of farm assets</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,273</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(22,108,145</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,407,326</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Interest
expense (1)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(390,505</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(239,200</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Interest
imputed on the Tap Participation</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom: 2px;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Fee payable to HP A&amp;M (2)</font></div>
</div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(23,816</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 13px;">(1,445,509</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Loss from discontinued operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(80,348</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(22,260,072</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(596,957</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 13.3px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(1)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Interest expense represents interest accrued related to notes we
had on our farm assets prior to the sale. All notes associated with
the farms have been paid off, and as a result we no longer incur
interest on such notes.</font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(2)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Imputed interest represents an estimate of the interest accrued on
the Tap Participation Fee payable to HP A&amp;M, which was
eliminated as a result of the settlement with HP A&amp;M during the
three months ended February 28, 2015. As a result, we stopped
accruing interest related to the Tap Participation Fee on that
date.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We anticipate continued expenses through the end of calendar 2016
related to the discontinued operations. We will continue to receive
revenues for leased agricultural land and incur expenses related to
the remaining agricultural land we own and for the purpose of
collecting outstanding receivables. We are in the process of
selling the remaining farms that we acquired during fiscal
2016.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Liquidity, Capital Resources and Financial Position</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
At August 31, 2016, our working capital, defined as current assets
less current liabilities, was $28.6 million, which includes $4.7
million in cash and cash equivalents. We believe that as of the
date of the filing of this annual report on Form 10-K and as of
August 31, 2016, we have sufficient working capital to fund our
operations for the next fiscal year.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">ECCV
Capacity Operating System &#x2013;</font> <font style="color: rgb(0, 0, 0);">Pursuant to a 1982 contractual right, the
District may purchase water produced from the ECCV Land Board
system, which is comprised of eight wells and more than 10 miles of
buried water pipeline located on the Lowry Range. In May 2012, in
order to increase the delivery capacity and reliability of these
wells, in our capacity as the District&#x2019;s service provider and
the Export Water Contractor (as defined in the Lease Agreement
among us, the District and the Land Board), 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. Our costs associated
with the use of the ECCV system are a flat monthly fee of $8,000
per month from January 1, 2013 through December 31, 2020, and will
decrease to $3,000 per month from January 1, 2021 through April
2032. Additionally, we pay a fee per 1,000 gallons of water
produced from ECCV&#x2019;s system, which is included in the water
usage fees charged to customers. In addition, the ECCV system costs
us approximately $1,900 per month to maintain.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">South
Metropolitan Water Supply Authority and WISE &#x2013;</font>
<font style="color: rgb(0, 0, 0);">SMWSA 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, including the District. Pursuant to the SMWSA
Participation Agreement with the District, we agreed to provide
funding to the District in connection with its membership in the
SMWSA. During the fiscal years ended August 31, 2016, 2015 and
2014, we provided $113,600, $78,600 and $114,900, respectively, of
funding to the District pursuant to the SMWSA Participation
Agreement. In July 2013, the District together with nine other
SMWSA members formed an entity to enable its members to participle
in WISE and entered into an agreement that
specifies</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">each member&#x2019;s pro rata share of WISE
and the members&#x2019; rights and obligations with respect to WISE.
On December&#xA0;31, 2013, SMWA, Denver Water and Aurora Water
entered into the WISE Partnership Agreement, which provides for the
purchase of certain infrastructure (pipelines, water storage
facilities, water treatment facilities, and other appurtenant
facilities) to deliver water to and among the 10 members of the
SMWA, Denver Water and Aurora Water. We have entered into the WISE
Financing Agreement, which obligates us to fund the
District&#x2019;s cost of participating in WISE. In exchange for
funding the District&#x2019;s obligations in WISE, we will have the
sole right to use and reuse the District&#x2019;s 7% share of the
WISE water and infrastructure to provide water service to the
District&#x2019;s customers and to receive the revenue from such
service. Upon completion of the WISE infrastructure in 2017, we
expect to be entitled to approximately 3&#xA0;million gallons per
day of transmission pipeline capacity and 500 acre feet per year of
water.</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">In addition to
the funding we have provided to the District pursuant to the SMWSA
Participation Agreement, to date we have provided approximately
$2.9 million of financing to the District to fund its obligation to
finance the purchase of infrastructure for WISE and the
construction of a connection to the WISE system in accordance with
the WISE Financing Agreement.</font> <font style="color: rgb(0, 0, 0);">We anticipate that we will be spending
approximately $650,000 in this system during fiscal 2017 and $5
million during the next four years to fund the District&#x2019;s
purchase of its share of the water transmission line and additional
facilities, water and related assets for WISE.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Summary Cash Flows Table</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: center; width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="8" rowspan="1" style="width: 100%; vertical-align: bottom;">
<div><font style="text-align: left; width: 1%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 98%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Table L - Summary Cash Flows</font></div>
</font><font style="text-align: left; width: 1%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 30%; vertical-align: bottom;">
<div style="padding-bottom: 2px;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: bottom;">
<div><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; display: inline-block; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px">&#xA0; <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Change</font></font></div>
</font><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 30%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
</td>
<td colspan="3" style="vertical-align: bottom;">
<div><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; display: inline-block; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font><font style="text-align: left; vertical-align: bottom; display: inline-block;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-size: 11px"><font style="vertical-align: bottom;">For the Fiscal Years Ended August
31,</font></font></div>
</font></font></div>
</font><font style="text-align: left; display: inline-block; vertical-align: bottom; width: 10%; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom;">
<div style="border-bottom: 2px solid rgb(0, 0, 0);">
<div>
<div>
<div><font style="font-size: 11px">2016-2015<br></font></div>
</div>
</div>
</div>
</td>
<td colspan="2" style="vertical-align: bottom;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 11px"><font style="font-family: Times New Roman;">2015-2014</font></font></div>
</td>
</tr><tr style="">
<td style="width: 30%; vertical-align: bottom;">
<div style="padding-bottom: 2px;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;</font></font></div>
</div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">2016<br></font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">2015<br></font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;2014</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: center; width: 75%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;
$</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: center; width: 75%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;
%</font></font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: center; width: 75%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">$&#xA0;</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
&#xA0;</font><font style="text-align: center; width: 75%; font-family: Times New Roman; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">%&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 30%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Cash (used)
provided by:</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td style="width: 30%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;
Operating acitivites</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">(270,700</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">)</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">(974,100</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">)</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">51,700</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">703,400</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">72</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">%</font></font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">(1,025,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">)</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">-1984</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">%</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 30%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;
Investing activities</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">(32,119,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">)</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">42,531,700</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">2,136,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">(74,650,700</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">)</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">-176</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">%</font></font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">40,395,400</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">1891</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">%</font></font></div>
</td>
</tr><tr style="">
<td style="width: 30%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">&#xA0;
Financing activities</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">(2,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">)</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">(6,218,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">)</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">(2,886,900</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">)</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">6,216,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">100</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">%</font></font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">(3,331,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">)</font></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="font-size: 11px"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">115</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block;">%</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Changes
in Operating Activities &#x2013;</font> <font style="color: rgb(0, 0, 0);">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></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Cash used by operations in fiscal 2016 decreased by $703,400
compared to fiscal 2015, which was primarily the result of
receiving the remaining escrow from the sale of our farms of
approximately $1.3 million. Cash used by operations in fiscal 2015
increased by $1,025,700 compared to fiscal 2014, which was
primarily the result of us not receiving a fee for renewal of the
O&amp;G lease in fiscal 2015, which accounted for approximately
$1.3 million in fiscal 2014.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We will continue to provide wholesale domestic water and wastewater
services to customers in our service areas, and we will continue to
operate and maintain our water and wastewater systems with our own
employees.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Changes
in Investing Activities</font> <font style="color: rgb(0, 0, 0); font-weight: bold;">&#x2013;</font>
<font style="color: rgb(0, 0, 0);">Investing activities in fiscal
2016 consisted of the investments in our water and wastewater
systems and land of approximately $1.2 million, the purchase of
equipment of approximately $472,300, and the net investment of
approximately $30 million into U.S. treasuries and certificates of
deposit.</font><font style="color: rgb(255, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">Investing activities in fiscal 2015
consisted of the sale of our farms, which generated proceeds of
approximately $44.6 million, and the addition of approximately $2.1
million in water assets, which primarily consisted of the
investment in WISE of approximately $2.5 million ($1.4 million
acquired through the WISE Financing Agreement) and the addition of
pipelines and other water infrastructure of approximately $1
million. Investing activities in fiscal 2014 consisted of the sale
of some of our farms and easements on our land, which generated
$5.8 million and the addition of approximately $3.9&#xA0;million in
water assets, which primarily consisted of the addition of three
wells to our system.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Changes
in Financing Activities</font> <font style="color: rgb(0, 0, 0); font-weight: bold;">&#x2013;</font>
<font style="color: rgb(0, 0, 0);">Financing activities in fiscal
2016 consisted only of payments to our contingent liability holders
of approximately $2,000. Financing activities in fiscal 2015
consisted primarily of payments on our promissory notes of $8.9
million (which includes funding of the WISE Financing Agreement
entered into in December 2014) and the issuance of approximately
$2.7 million in new promissory notes. Financing activities in
fiscal 2014 consisted primarily of payments on our promissory notes
of $2.9 million.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">36</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Off-Balance Sheet Arrangements</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Our off-balance sheet arrangements consist
entirely of the contingent portion of the CAA which is $677,500, as
described in Note 5&#xA0;&#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Participating Interests
in Export Water</font> <font style="color: rgb(0, 0, 0);">to the
accompanying financial statements. The contingent liability is not
reflected on our balance sheet because the obligation to pay the
CAA is contingent on sales of Export Water, the amounts and timing
of which are not reasonably determinable.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Recently Adopted and Issued Accounting Pronouncements</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">See Note 2&#xA0;&#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Summary of Significant
Accounting Policies</font> <font style="color: rgb(0, 0, 0);">to
the accompanying financial statements for recently adopted and
issued accounting pronouncements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Total Contractual Cash Obligations</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="6" rowspan="1" style="width: 100%; vertical-align: bottom;">
<div><font style="text-align: left; width: 1%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 98%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Table M - Contractual Cash Obligations</font></div>
</font><font style="text-align: left; width: 1%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 40%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="4" style="width: 48%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Payments due by period</font></div>
</font><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Less than 1 year</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
1-3 years</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
3-5 years</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
More than 5 years</font></div>
</td>
</tr><tr style="">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Operating lease obligations (a)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">12,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">12,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(a)</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(a)</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div style="text-align: right; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(a)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Participating Interests in Export Water (b)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">344,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(b)</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(b)</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(b)</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div style="text-align: right; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(b)</font></div>
</td>
</tr><tr style="">
<td style="width: 40%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
WISE participation (c)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">5,642,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">649,100</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">3,960,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,032,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(c)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 40%; vertical-align: bottom;">
<div style="padding-bottom: 4px;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Total</font></div>
</div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">5,998,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">661,100</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">3,960,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); display: inline-block;">1,032,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div style="border-bottom: 4px double rgb(0, 0, 0);">
<div>
<div style="text-align: right; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;$&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
-</font></div>
</div>
</div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(a)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Our only operating lease is related to our office space. We occupy
2,500 square feet at a cost of $3,000, per month, at the address
shown on the cover of this Form 10-K. We lease these premises
pursuant to a one-year operating lease agreement which expires in
December 2016 with a third party.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(b)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The participating interests liability is payable to the CAA holders
upon the sale of Export Water; therefore, the timing of the
payments is uncertain and not reflected in the above table by
period.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(c)</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Projections for WISE participation have only been provided for the
next five fiscal years. The timing and amount of payments beyond
five years is uncertain and not reflected in the above table by
period.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 7A&#xA0;&#x2013; Quantitative and Qualitative Disclosures About
Market Risk</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
General</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We have limited exposure to market risks from instruments that may
impact our balance sheets, statements of operations, and statements
of cash flows. Such exposure is due primarily to changing interest
rates.</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Interest Rates</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">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 August
31, 2016, we are holding $30 million in marketable securities
consisting of</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">certificates
of deposit and U.S. treasury notes</font><font style="color: rgb(0, 0, 0);">. We have no investments denominated in
foreign country currencies; therefore, our investments are not
subject to foreign currency exchange rate risk.</font></font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">37</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 8&#xA0;&#x2013; Consolidated Financial Statements and
Supplementary Data</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; text-decoration: underline;">
Index to Consolidated Financial Statements and Supplementary
Data</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px;">
<tr>
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Page</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Report of Independent Registered Public Accounting
Firm</font></div>
</td>
<td style="width: 12%; vertical-align: top;">
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
F-1</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Consolidated Balance Sheets</font></div>
</td>
<td style="width: 12%; vertical-align: top;">
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
F-2</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Consolidated Statements of Operations</font></div>
</td>
<td style="width: 12%; vertical-align: top;">
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Consolidated Statements of Shareholders&#x2019; Equity and
Comprehensive Income (Loss)</font></div>
</td>
<td style="width: 12%; vertical-align: top;">
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Consolidated Statements of Cash Flows</font></div>
</td>
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F-5</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Notes to Consolidated Financial Statements</font></div>
</td>
<td style="width: 12%; vertical-align: top;">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Board of Directors and Shareholders</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pure Cycle Corporation</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">We have audited the accompanying
consolidated balance sheets of Pure Cycle Corporation as of August
31, 2016 and 2015, and the related consolidated statements of
operations, shareholders' equity and comprehensive income (loss),
and cash flows for each of the years in the three-year period ended
August 31, 2016. We also have audited Pure Cycle
Corporation&#x2019;s internal control over financial reporting as of
August 31, 2016, based on criteria established in</font>
<font style="color: rgb(0, 0, 0); font-style: italic;">Internal
Control&#x2014;Integrated Framework 2013</font> <font style="color: rgb(0, 0, 0);">issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Pure Cycle
Corporation's management is responsible for these financial
statements, for maintaining effective internal control over
financial reporting, and for its assessment of the effectiveness of
internal control over financial reporting, included in the
accompanying Management&#x2019;s Report on Internal Control Over
Financial Reporting. Our responsibility is to express an opinion on
these financial statements and an opinion on Pure Cycle
Corporation&#x2019;s internal control over financial reporting based
on our audits.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are
free of material misstatement and whether effective internal
control over financial reporting was maintained in all material
respects. Our audit of the financial statements included examining,
on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating the
overall financial statement presentation. Our audit of internal
control over financial reporting included obtaining an
understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal
control based on the assessed risk. Our audits also included
performing such other procedures as we considered necessary in the
circumstances. We believe that our audits provide a reasonable
basis for our opinions.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
A company's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles. A company's internal control over financial
reporting includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of
the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could
have a material effect on the financial statements.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">In our opinion, the consolidated financial
statements referred to above present fairly, in all material
respects, the financial position of Pure Cycle Corporation as of
August 31, 2016 and 2015, and the results of its operations and its
cash flows for each of the years in the three-year period ended
August 31, 2016 in conformity with accounting principles generally
accepted in the United States of America. Also in our opinion, Pure
Cycle Corporation maintained, in all material respects, effective
internal control over financial reporting as of August 31, 2016,
based on criteria established in</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Internal
Control&#x2014;Integrated Framework 2013</font> <font style="color: rgb(0, 0, 0);">issued by the Committee of Sponsoring
Organizations of the Treadway Commission
(COSO).</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
/s/ GHP HORWATH, P.C</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Denver, Colorado</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
October 27, 2016</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-1</font></div>
</div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">PURE
CYCLE CORPORATION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">CONSOLIDATED
BALANCE SHEETS</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="">
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
ASSETS:</font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
August 31, 2016</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
August 31, 2015</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Current assets:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Cash and cash equivalents</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4,697,288</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">37,089,041</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Short-term investments</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">23,176,450</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2013;</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Trade accounts receivable, net</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">181,006</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">157,845</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Sky Ranch receivable</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2013;</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">148,415</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Prepaid expenses</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">350,819</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">228,086</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Assets of discontinued operations</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">680,287</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,957,552</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total current assets</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">29,085,850</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">39,580,939</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Long-term investments</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6,853,276</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2013;</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Investments in water and water systems, net</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">28,321,926</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">27,708,595</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Land and mineral interests</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5,345,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5,091,668</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Notes receivable - related parties, including accrued
interest</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">800,369</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">591,223</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Other assets</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">472,393</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">88,488</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total assets</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">70,879,614</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">73,060,913</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
LIABILITIES:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Current liabilities:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Accounts payable</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">160,390</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">172,634</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Accrued liabilities</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">242,624</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">499,808</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Income taxes</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2013;</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">292,729</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Deferred revenues</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">55,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">55,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Deferred oil and gas lease payment</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">19,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">360,765</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Liabilities of discontinued operations</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">4,394</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">117,329</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total current liabilities</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">482,208</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,499,065</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Deferred revenues, less current portion</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,055,491</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,111,293</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Deferred oil and gas lease payment, less current
portion</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2013;</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">19,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Participating Interests in Export Water Supply</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">343,966</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">346,007</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total liabilities</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">1,881,665</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">2,975,365</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Commitments and contingencies</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
SHAREHOLDERS' EQUITY:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Preferred stock:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Series B - par value $.001 per share, 25 million shares
authorized;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">433</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">433</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 12px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
432,513 shares issued and outstanding (liquidation preference of
$432,513)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Common stock:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Par value 1/3 of $.01 per share, 40 million shares
authorized;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
23,754,098 and 24,054,098 shares issued and outstanding,
respectively</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">79,185</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">80,185</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Collateral stock</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2013;</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(1,407,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Additional paid in capital</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">171,198,241</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">172,384,355</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Accumulated other comprehensive income</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,122</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2013;</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Accumulated deficit</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(102,283,032</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(100,972,425</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total shareholders' equity</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">68,997,949</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">70,085,548</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total liabilities and shareholders' equity</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">70,879,614</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">73,060,913</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;<font style="font-size: 13px">F-2</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="null"><font style="font-family: serif; font-size: 16px;">&#xA0;</font></div>
<div style="text-align: center; null"><font style="font-size: 13px"><font style="font-family: Times New Roman;">PURE
CYCLE CORPORATION<br></font><font style="font-family: serif; font-size: 16px;"><font style="font-family: Times New Roman;"><font style="font-size: 13px">CONSOLIDATED STATEMENTS OF
OPERATIONS</font></font></font><br></font></div>
<div style="null"><font style="font-family: serif; font-size: 16px;">&#xA0;</font></div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: center; font-family: Times New Roman; margin: 0px auto; width: 100%; font-size: 13px;">
<tr style="">
<td rowspan="1" style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%;">
<div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">For the
Fiscal Years Ended August 31,</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2016</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2015</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2014</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Revenues:</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Metered water usage</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">220,997</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">969,989</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,879,495</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Wastewater treatment fees</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">43,712</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">50,076</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">45,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Special facility funding recognized</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">41,508</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">41,508</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">41,508</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Water tap fees recognized</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">14,294</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">14,294</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">14,294</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Other income</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">131,650</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">120,702</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">42,417</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Total revenues</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">452,161</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,196,569</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,023,114</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Expenses:</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Water service operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(264,424</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(464,940</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(547,562</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Wastewater service operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(29,187</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(66,745</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(38,426</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Other</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(68,478</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(55,173</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(39,421</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Depletion and depreciation</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(166,670</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(172,546</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(149,757</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Total cost of revenues</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(528,759</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(759,404</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(775,166</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Gross
margin</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(76,598</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">437,165</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,247,948</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">General
and administrative expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,849,743</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,939,395</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,445,633</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Depreciation</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(253,434</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(174,717</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(46,807</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Operating loss</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,179,775</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,676,947</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,244,492</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Other
income (expense):</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Oil and gas lease income, net</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">360,765</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">645,720</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">525,438</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Oil and gas royalty income, net</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">343,620</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">412,627</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#x2013;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Interest income</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">241,279</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">21,334</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">12,466</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Other</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,852</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">22,120</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">160,004</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Gain on extinguishment of contingent obligations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">&#x2013;&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"><br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">&#x2013;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"><br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">832,097</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
(Loss) income from continuing operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,230,259</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(575,146</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">285,513</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Net loss from discontinued operations, net of taxes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(80,348</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(22,552,801</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(596,957</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Net loss before taxes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,310,607</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(23,127,947</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(311,444</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Taxes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">&#x2013;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">&#x2013;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Net loss</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,310,607</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(23,127,947</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(311,444</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Unrealized holding gains</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">3,122</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">&#x2013;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">&#x2013;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Total comprehensive loss</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(1,307,485</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(23,127,947</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(311,444</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Basic and diluted net (loss) income per common share
-<br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;
(Loss) income from continuing operations<br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.06</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.03</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.01</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;
Loss from discontinued operations<br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000;">*<br></font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.93</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)<br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.02<br></font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;"><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;
Net loss<br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.06</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)<br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.96</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)<br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.01</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)<br></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
Weighted average common shares outstanding &#x2013;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
basic and diluted</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">23,781,041</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">24,041,114</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">24,037,598</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">&#xA0;
* Amount is less than $.01 per share<br></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">See
accompanying Notes to Financial Statements</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-3</font></div>
</div>
<div id="pb" style="text-align: center; width: 100%; height: 1px; margin-right: 0px; margin-bottom: 6px; margin-left: 0px; page-break-after: always; background-color: rgb(0, 0, 0);">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">PURE
CYCLE CORPORATION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">CONSOLIDATED
STATEMENTS OF SHAREHOLDERS&#x2019; EQUITY AND COMPREHENSIVE INCOME
(LOSS)</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><br></font></div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: center; font-family: Times New Roman; margin: 0px auto; width: 100%; font-size: 13px;">
<tr style="">
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-size: 9px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 20%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Preferred
Stock</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 20%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px">&#xA0; &#xA0; &#xA0; &#xA0;
Common Stock</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 9px"><font style="color: rgb(51, 51, 51);">Additional</font></font></div>
<div><font style="font-size: 9px"><font style="color: rgb(51, 51, 51);">Paid-In</font><br></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 9px">Accumulated</font></div>
<div><font style="font-size: 9px">Other</font></div>
<div><font style="font-size: 9px">Comprhensive<br>
<font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Income</font></font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 9px"><font style="color: rgb(51, 51, 51);">Collateral</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="padding-bottom: 2px; width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font><br>
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Accumulated</font>
<font style="font-family: Times New Roman;"><br>
</font></font></div>
</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="padding-bottom: 2px; width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 10%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-size: 9px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Shares</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Amount</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Shares</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Amount</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Capital</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">(loss)</font></font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Stock</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Deficit</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size: 9px"><font style="font-family: Times New Roman; color: rgb(51, 51, 51);">Total</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">August 31,
2013 balance:</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">432,513</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">433</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">24,037,598</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">80,130</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">115,224,946</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(77,533,034</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">37,772,475</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">Share-based
compensation</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">251,915</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">251,915</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">Reduction
in TPF due to remedies under</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
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</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
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</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">&#xA0; the
Arkansas River Agreement</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">53,317,535</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">53,317,535</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">Net
loss</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">(311,444</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">(311,444</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">August 31,
2014 balance:</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">432,513</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">433</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">24,037,598</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">80,130</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">168,794,396</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
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</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
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</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
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</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">91,030,481</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%;">
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<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
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</td>
<td style="vertical-align: bottom; width: 10%;">
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</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">239,986</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
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</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
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</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">239,986</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
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<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
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<td style="vertical-align: bottom; width: 10%;">
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</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">16,500</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">55</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">48,770</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
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</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
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<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">48,825</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%;">
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<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
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<td style="vertical-align: bottom; width: 10%;">
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<td style="vertical-align: bottom; width: 10%;">
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<td colspan="1" style="vertical-align: bottom; width: 10%;">
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<td colspan="1" style="vertical-align: bottom; width: 10%;">
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</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
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<td colspan="1" style="vertical-align: bottom; width: 10%;">
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<td colspan="1" style="vertical-align: bottom; width: 10%;">
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<td colspan="1" style="vertical-align: bottom; width: 10%;">
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<td style="vertical-align: bottom; width: 10%;">
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<td style="vertical-align: bottom; width: 10%;">
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</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">3,301,203</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">3,301,203</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">Collateral
stock</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(1,407,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(1,407,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">Net
loss</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">(23,127,947</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">(23,127,947</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">)</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">August 31,
2015 balance:</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">432,513</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">433</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">24,054,098</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">80,185</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">172,384,355</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(1,407,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(100,972,425</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">70,085,548</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">Share-based
compensation</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">219,886</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">219,886</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Collateral
stock retired</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(300,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(1,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(1,406,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">1,407,000</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">Net
loss</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(1,310,607</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%;">(1,310,607</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">)</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">Unrealized
holding gain on investments</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">3,122</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">3,122</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="font-size: 9px"><font style="color: rgb(51, 51, 51); font-family: Times New Roman;">August 31,
2016 balance:</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">432,513</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">433</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">&#xA0;</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">23,754,098</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">79,185</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">171,198,241</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">3,122</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">-</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">(102,283,032</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">)</font></font></div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="font-size: 9px"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">68,997,949</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 4px;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">See
accompanying Notes to Financial Statements</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-4</font></div>
</div>
<div id="pb" style="text-align: center; width: 100%; height: 1px; margin-right: 0px; margin-bottom: 6px; margin-left: 0px; page-break-after: always; background-color: rgb(0, 0, 0);">
<!--page break--></div>
<div id="hdr">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">PURE
CYCLE CORPORATION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">CONSOLIDATED
STATEMENTS OF CASH FLOWS</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="">
<td rowspan="1" style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%;">
<div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">For the
fiscal Years Ended August 31,</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2016</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2015</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2014</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Cash
flows from operating activities:</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
loss</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,310,607</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(23,127,947</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(311,444</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Adjustments
to reconcile net loss to net cash provided by</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">(used
in) operating activities:</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Share-based
compensation expense</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">219,886</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">239,986</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">251,915</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Depreciation,
depletion and other non-cash items</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">420,104</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">347,263</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">196,564</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Investment
in Well Enhancement and Recovery Systems LLC</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">10,675</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,577</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(37,193</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Interest
income and other non-cash items</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(41,114</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(419</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(420</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Interest
added to receivable from related parties</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(29,099</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(15,493</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(12,039</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Gain
on extinguishment of contingent obligations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(832,097</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Changes
in operating assets and liabilities:</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Trade
accounts receivable</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(23,161</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">918,252</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,041,288</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Prepaid
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(122,733</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">43,472</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(168,795</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Note
receivable - related parties</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(31,633</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(105,208</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6,388</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Accounts
payable and accrued liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(269,428</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(848,669</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,191,298</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Income
taxes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(292,729</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">292,729</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Deferred
revenue</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(55,802</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(64,226</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(65,385</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:24px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Deferred
income - oil and gas lease</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(360,765</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(645,720</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">790,002</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:36px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
cash used in operating activities from continuing
operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,886,406</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(22,961,403</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(32,494</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:36px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
cash provided by operating activities from discontinued
operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,615,677</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">21,987,337</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">84,238</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:48px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
cash provided by (used in) operating activities</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(270,729</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(974,066</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">51,744</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Cash
flows from investing activities:</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Investments
in water, water systems and land</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,209,416</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,101,253</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,864,443</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Sales
and maturities of marketable securities</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,840,000</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Purchase
of short-term investments</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(25,970,721</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Purchase
of long-term investments</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(6,855,189</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Proceeds
from sale of land and easements</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">192,851</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:12px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Purchase
of property and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(472,310</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(17,186</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(3,370</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:36px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
cash used in investing activities from continuing
operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(31,667,636</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,118,439</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(3,674,962</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:36px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
cash provided by (used in) investing activities from discontinued
operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(451,347</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">44,650,149</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">5,811,265</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:48px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
cash provided by (used in) investing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(32,118,983</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">42,531,710</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,136,303</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Cash
flows from financing activities:</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Proceeds
from exercise of options</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">48,825</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:12px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Payment
to contingent liability holders</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,041</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(8,621</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(6,185</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:36px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
cash (used in) provided by financing activities from continuing
operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,041</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">40,204</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(6,185</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:36px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
cash used in financing activities from discontinued
operations</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(6,258,365</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,880,667</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:48px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
cash used in financing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,041</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(6,218,161</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(2,886,852</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Net
change in cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(32,391,753</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">35,339,483</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(698,805</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents - beginning of year</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">37,089,041</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,749,558</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">2,448,363</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents - end of year</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">4,697,288</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">37,089,041</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,749,558</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">SUPPLEMENTAL
DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="margin-left: 0px; padding-bottom: 4px;">
<div style="padding-bottom: 4px">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Retirement
of collateral stock&#xA0;</font></div>
</div>
</div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">1,407,000<br></font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">-</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Reduction
in Tap Participation Fee liability resulting from</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:12px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">remedies
under the Arkansas River Agreement</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">53,317,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Reduction
in Tap Participation Fee liability and HP A&amp;M</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">receivable,
collateral stock, and mineral interests received</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:12px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">as a
result of settlement of the Arkansas River Agreement</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,894,203</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:12px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Assets
acquired through WISE funding obligation</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">1,381,004</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">See
accompanying Notes to Financial Statements</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-5</font></div>
</div>
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<div id="hdr">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">PURE
CYCLE CORPORATION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">CONSOLIDATED
STATEMENTS OF CASH FLOWS</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 1 &#x2013; ORGANIZATION</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pure Cycle Corporation (the &#x201C;Company&#x201D;) was incorporated
in Delaware in 1976 and reincorporated in Colorado in 2008. The
Company owns assets in the Denver, Colorado metropolitan area. The
Company is currently using its water assets located in the Denver
metropolitan area to provide wholesale water and wastewater
services to customers located in the Denver metropolitan
area.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company provides a full line of wholesale water and wastewater
services which includes designing and constructing water and
wastewater systems as well as operating and maintaining such
systems. The Company&#x2019;s business focus is to provide wholesale
water and wastewater services, predominately to local governmental
entities, which provide services to their end-use customers
throughout the Denver metropolitan area as well as along the
Colorado Front Range.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company believes it has sufficient working capital and
financing sources to fund its operations for at least the next
fiscal year. As of August 31, 2016, the Company had $4.7 million of
cash and cash equivalents and $28.6 million of working
capital.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 2 &#x2013; SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Principles of Consolidation</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The consolidated financial statements of the Company include the
accounts of Pure Cycle Corporation and its majority-owned and
controlled subsidiaries. Intercompany accounts and transactions
have been eliminated in consolidation.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Use of Estimates</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America (&#x201C;GAAP&#x201D;) 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 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-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Cash and Cash Equivalents</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Cash and cash equivalents include all highly liquid debt
instruments with original maturities of three months or less. The
Company&#x2019;s cash equivalents are comprised entirely of money
market funds maintained at a reputable financial institution. At
various times during the fiscal year ended August 31, 2016, the
Company&#x2019;s main operating account exceeded federally insured
limits. The Company has never suffered a loss due to such excess
balance.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Investments</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">M<font style="color: rgb(0, 0, 0);">anagement determines the appropriate
classification of its investments in certificates of deposit and
debt and equity securities at the time of purchase and reevaluates
such determinations each reporting period.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Certificates of deposit and debt securities
are classified as held-to-maturity when the Company has the
positive intent and ability to hold the securities to maturity. The
Company has $6.9 million of investments classified as
held-to-maturity at August 31, 2016 which represent certificates of
deposit and U.S. treasury notes with maturity dates after August
31, 2017. Debt securities for which the Company does not have the
positive intent or ability to hold to maturity are classified as
available-for-sale, along with any investments in equity
securities. Securities classified as available-for-sale are
marked-to-market at each reporting period. Changes in value on such
securities are recorded as a component of</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Accumulated other
comprehensive income (loss).</font> <font style="color: rgb(0, 0, 0);">The cost of securities sold is based on the
specific identification method. The Company&#x2019;s certificates of
deposit and debt securities mature at various dates through July
23, 2018.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Concentration of Credit Risk and Fair Value</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-6</font></div>
</div>
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</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Financial instruments that potentially subject the Company to
concentrations of credit risk consist primarily of cash, cash
equivalents and investments. From time to time, the Company places
its cash in money market instruments, commercial paper obligations,
corporate bonds 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-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">The
following methods and assumptions were used to estimate the fair
value of each class of financial instrument for which it is
practicable to estimate that value.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic; font-weight: bold;">Cash and Cash Equivalents
&#x2013;</font> The Company&#x2019;s cash and cash equivalents are
reported using the values as reported by the financial institution
where the funds are held. These securities primarily include
balances in the Company&#x2019;s operating and savings accounts. The
carrying amount of cash and cash equivalents approximate fair
value.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic; font-weight: bold;">Trade Accounts Receivable
&#x2013;</font> The Company records accounts receivable net of
allowances for uncollectible accounts.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic; font-weight: bold;">Investments &#x2013;</font>
The carrying amounts of investments approximate fair value.
Investments are described further in Note 3 &#x2013; <font style="font-style: italic;">Fair Value Measurements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic; font-weight: bold;">Accounts Payable
&#x2013;</font> The carrying amounts of accounts payable approximate
fair value due to the relatively short period to maturity for these
instruments.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic; font-weight: bold;">Long-Term Financial
Liabilities</font> <font style="font-weight: bold;">&#x2013;</font>
The Comprehensive Amendment Agreement No. 1 (the &#x201C;CAA&#x201D;)
is comprised of a recorded balance and an off-balance sheet or
&#x201C;contingent&#x201D; obligation associated with the
Company&#x2019;s acquisition of its &#x201C;Rangeview Water
Supply&#x201D; (defined in Note&#xA0;4&#xA0;&#x2013; <font style="font-style: italic;">Water and Land Assets</font>). The amount
payable is a fixed amount but is repayable only upon the sale of
&#x201C;Export Water&#x201D; (defined in Note&#xA0;4&#xA0;&#x2013;
<font style="font-style: italic;">Water and Land Assets</font>).
Because of the uncertainty of the sale of Export Water, the Company
has determined that the recorded balance of the CAA does not have a
determinable fair value. The CAA is described further in
Note&#xA0;5&#xA0;&#x2013; <font style="font-style: italic;">Participating Interests in Export
Water</font>.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic; font-weight: bold;">Notes Receivable &#x2013;
Related Parties</font> <font style="font-weight: bold;">&#x2013;</font> The market value of the notes
receivable &#x2013; related parties: Rangeview Metropolitan District
(the &#x201C;District&#x201D;) and Sky Ranch Metropolitan District
No. 5 are not practical to estimate due to the related party nature
of the underlying transactions.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic; font-weight: bold;">Off-Balance Sheet
Instruments &#x2013;</font> The Company&#x2019;s off-balance sheet
instruments consist entirely of the contingent portion of the CAA.
Because repayment of this portion of the CAA is contingent on the
sale of Export Water, which is not reasonably estimable, the
Company has determined that the contingent portion of the CAA does
not have a determinable fair value. See further discussion in
Note&#xA0;5&#xA0;&#x2013; <font style="font-style: italic;">Participating Interests in Export
Water</font>.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Cash Flows</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company did not pay any interest during the fiscal year ended
August 31, 2016. The Company paid $441,400 and $310,400 in interest
during the fiscal years ended August 31, 2015 and 2014,
respectively.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In the fiscal year ended August 31, 2016, the Company paid $292,700
for alternative minimum tax the Company owed as a result of the
sale of the Company&#x2019;s farm assets. The Company did not pay
any income taxes during the fiscal years ended August 31, 2015 and
2014.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Trade Accounts Receivable</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company records accounts receivable net of allowances for
uncollectible accounts. Excluded in trade accounts receivable are
balances due from discontinued operations. The Company has not
recorded an allowance for uncollectible accounts in receivables
from continuing operations for either of the periods ended August
31, 2016 or 2015. The allowance for uncollectible accounts was
determined based on specific review of all past due
accounts.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Long-Lived Assets</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company reviews its long-lived assets for impairment whenever
events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. Recoverability of assets
to be held and used is measured by a comparison of the carrying
amount of an asset to future undiscounted net cash flows expected
to be generated by the eventual use of the asset. If such assets
are considered to be impaired, the impairment to be</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-7</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
recognized is measured by the amount by which the carrying amount
of the assets exceeds the fair value of the assets. Assets to be
disposed of are reported at the lower of the carrying amount or
fair value less costs to sell.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Capitalized Costs of Water and Wastewater Systems and Depreciation
and Depletion Charges</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Costs to construct water and wastewater systems that meet the
Company&#x2019;s capitalization criteria are capitalized as
incurred, including interest, and depreciated on a straight-line
basis over their estimated useful lives of up to 30 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.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company depletes its water 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-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Revenue Recognition</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company generates revenues through one line of business. Its
revenues are derived through its wholesale water and wastewater
business, which is described below.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company generates revenues through its wholesale water and
wastewater business predominately from three sources: (i) monthly
wholesale water usage fees and wastewater service fees, (ii)
one-time water and wastewater tap fees and construction fees, and
(iii) consulting fees. Because these items are separately
delivered, the Company accounts for each of the items separately,
as described below.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic; font-weight: bold;">
i.</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Monthly
wholesale water and wastewater service fees</font> <font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">&#x2013;</font>
<font style="color: rgb(0, 0, 0);">Monthly wholesale water usage
charges are assessed to the Company&#x2019;s customers based on
actual metered usage each month plus a base monthly service fee
assessed per single family equivalent (&#x201C;SFE&#x201D;) unit
served. One SFE is a customer, whether residential, commercial or
industrial, that imparts a demand on the Company&#x2019;s water or
wastewater systems similar to the demand of a family of four
persons living in a single family house on a standard sized lot.
One SFE is assumed to have a water demand of approximately 0.4 acre
feet per year and to contribute wastewater flows of approximately
300 gallons per day. Water usage pricing uses a tiered pricing
structure. The Company recognizes wholesale water usage revenues
upon delivering water to its customers or its governmental
customers&#x2019; end-use customers, as applicable.</font>
<font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Revenues
recognized by the Company from the sale of "Export Water" are shown
gross of royalties to the State of Colorado Board of Land
Commissioners (the &#x201C;Land Board&#x201D;). Revenues recognized
by the Company from the sale of water on the "Lowry Range" are
shown net of royalties paid to the Land Board and amounts retained
by the</font> <font style="color: rgb(0, 0, 0);">Rangeview
Metropolitan District (the &#x201C;District&#x201D;). See further
description of "Export Water" and the "Lowry Range" in Note 4 -
<font style="font-style: italic">Water and Land Assets</font> under
"Rangeview Water Supply and Water
System."<br></font></font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company recognizes wastewater processing revenues monthly based
on usage. The monthly wastewater service fees are shown net of
amounts retained by the District. Amounts recognized for water and
wastewater services during the fiscal years ended August 31, 2016,
2015 and 2014 are presented in the statements of operations. Costs
of delivering water and providing wastewater service to customers
are recognized as incurred.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The Company delivered
33.9</font><font style="color: rgb(255, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">million,
97.5 million and 190.1 million gallons of water to customers during
the fiscal years ended August 31, 2016, 2015 and 2014,
respectively.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
ii.</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Water and
wastewater tap fees and construction fees</font> <font style="color: rgb(0, 0, 0);">&#x2013;</font><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">&#xA0;</font><font style="color: rgb(0, 0, 0);">Tap
fees, also called system development fees, are received in advance,
are non-refundable and are typically used to fund construction of
certain facilities and defray the acquisition costs of obtaining
water rights. Construction fees are fees used by the Company to
construct assets that are typically required to be constructed by
developers or home builders and are separate from tap
fees.</font></font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Proceeds from tap fees and construction fees are deferred upon
receipt and recognized in income either upon completion of
construction of infrastructure or ratably over time, depending on
whether the Company owns the infrastructure constructed with the
proceeds or a customer owns the infrastructure constructed with the
proceeds.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-8</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Tap and construction fees derived from agreements in which the
Company will not own the assets constructed with the fees are
recognized as revenue using the percentage-of-completion method.
Costs of construction of the assets when the Company will not own
the assets are recorded as construction costs.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Tap and construction fees derived from agreements for which the
Company will own the infrastructure are recognized as revenues
ratably over the estimated accounting service life of the
facilities constructed, starting at completion of construction,
which could be in excess of 30 years. Costs of construction of the
assets when the Company will own the assets are capitalized and
depreciated over their estimated economic lives.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 48px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
From time to time, the Company enters into water service agreements
to provide water service to customers. The Company owns the
facilities which store, treat, and deliver the water and amortizes
the cost of these facilities over their useful lives. The Company
recognized $14,300 of tap fee revenue in each of the three fiscal
years ended August 31, 2016, 2015 and 2014. The Company recognized
$41,500 of &#x201C;Special Facilities&#x201D; funding as revenue in
each of the three fiscal years ended August 31, 2016, 2015, and
2014. As of August 31, 2016, the Company has deferred recognition
of $1.1 million of tap and construction revenue from customer
agreements, which will be recognized as revenue ratably through
2036.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
iii.</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); text-decoration: underline;">Consulting
fees</font> <font style="color: rgb(0, 0, 0);">&#x2013; Consulting
fees are fees the Company receives, typically on a monthly basis,
from municipalities and area water providers along the I-70
corridor, for contract operations services.</font></font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Royalty and Other Obligations</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Revenues from the sale of Export Water are
shown gross of royalties payable to the Land Board. Revenues from
the sale of water on the Lowry Range are shown net of the royalties
to the Land Board and the amounts retained by the District.</font>
</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Oil and Gas Lease Payments</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">As further described in Note 4
&#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Water and Land
Assets</font> <font style="color: rgb(0, 0, 0);">below, on March
10, 2011, the Company entered into a Paid-Up Oil and Gas Lease (the
&#x201C;O&amp;G Lease&#x201D;) and a Surface Use and Damage Agreement
(the &#x201C;Surface Use Agreement&#x201D;) with Anadarko E&amp;P
Company, L.P. (&#x201C;Anadarko&#x201D;), a wholly owned subsidiary
of Anadarko Petroleum Company. Pursuant to the O&amp;G Lease, on
March 10, 2011, the Company received an up-front payment 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 owned by the Company at its Sky Ranch
property. In December 2012, the O&amp;G Lease was purchased by a
wholly owned subsidiary of ConocoPhillips Company. The Company
received an additional payment of $1,243,400 during February 2014
to extend the O&amp;G Lease an additional two years through
February 2016, which was recognized as income on a straight-line
basis over two years (the extension term of the O&amp;G Lease). In
addition, during the fiscal years ended August 31, 2015 and 2014,
the Company received up-front payments of $72,000 and $12,540,
respectively, for the purpose of exploring for, developing,
producing, and marketing oil and gas on 40 acres of mineral estate
the Company owns adjacent to the Lowry Range (the &#x201C;Rangeview
Lease&#x201D;). The Company recognizes the up-front payments on a
straight-line basis over the terms of the respective leases. During
the fiscal years ended August 31, 2016, 2015 and 2014, the Company
recognized $360,800, $645,700, and $525,400, respectively, of
income related to the up-front payments received pursuant to these
leases.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
As of August 31, 2016, the Company has deferred recognition of
$19,000 of income related to the Rangeview Lease, which will be
recognized as income ratably through June 2017.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">During
the three months ended February 28, 2015, two wells were drilled
within the Company&#x2019;s mineral interest. Beginning in March
2015, both wells were placed into service and began producing oil
and gas and accruing royalties to the Company. In May 2015, certain
gas collection infrastructure was extended to the property to allow
the collection of gas from the wells and accrual of royalties
attributable to gas production. During the fiscal years ended
August 31, 2016 and 2015, the Company receiv<font style="color: rgb(0, 0, 0);">ed $343,600 and $412,600,</font>
<font style="color: rgb(0, 0, 0);">respectively, in royalties
attributable to these two wells.</font></font></div>
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</div>
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<div style="text-align: left; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Share-based Compensation</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company maintains a stock option plan for the benefit of its
employees and directors. The Company records share-based
compensation costs which are measured at the grant date based on
the fair value of the award and are recognized as expense over the
applicable vesting period of the stock award using the
straight-line method. 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 during the fiscal years
ended August 31, 2016 and 2015 had no impact on the income tax
provisions.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The Company recognized $219,900, $240,000,
and $251,900 of share-based compensation expenses during the
fiscal</font><font style="color: rgb(0, 0, 0); font-style: italic;">&#xA0;</font><font style="color: rgb(0, 0, 0);">years
ended August 31, 2016, 2015 and 2014,
respectively.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Income Taxes</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company uses a &#x201C;more-likely-than-not&#x201D; 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 does not have any significant unrecognized
tax benefits as of August 31, 2016.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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 2012 through fiscal 2015. The
Company does not believe there will be any material changes in its
unrecognized tax positions over the next 12 months.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company&#x2019;s policy is to recognize interest and penalties
accrued on any unrecognized tax benefits as a component of income
tax expense. At August 31, 2016, the Company did not have any
accrued interest or penalties associated with any unrecognized tax
benefits, nor was any interest expense recognized during the fiscal
years ended August 31, 2016, 2015 or 2014.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Discontinued Operations</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In August 2015, the Company sold approximately 14,600 acres of
irrigated farm land and related Arkansas River water rights, which
were substantially all of the assets comprising the Company&#x2019;s
agricultural segment. Pursuant to the terms of the purchase and
sale agreement, the Company continued to manage and receive the
lease income until December&#xA0;31, 2015. As a consequence of the
sale, the operating results and the assets and liabilities of the
discontinued operations, which formerly comprised the agricultural
segment, are presented separately in the Company&#x2019;s
consolidated financial statements. Summarized financial information
for the discontinued agricultural business is shown below. Prior
period balances have been reclassified to present the operations of
the agricultural business as a discontinued operation.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div>
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<tr style="background-color: rgb(204, 238, 255);">
<td colspan="4" rowspan="1" style="width: 100%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Discontinued Operations Statements of Operations</font></div>
</font><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 36%; vertical-align: bottom;">
<div><font style="text-align: left; width: 3%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 94%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Fiscal years ended August 31,</font></div>
</font><font style="text-align: left; width: 3%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
2016</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
2015</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
2014</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Farm revenues</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">267,472</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,127,155</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,068,026</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Farm expenses</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(77,132</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(126,279</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(88,105</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Gross profit</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">190,340</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,000,876</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">979,921</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
General and administrative expenses</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(313,389</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(760,192</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(911,230</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Impairment of land and water rights held for sale</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(402,657</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Operating (loss) profit</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(123,049</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">240,684</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(333,966</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Finance charges</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">38,428</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">21,710</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">14,392</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(Loss) gain on sale of farm assets</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4,273</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(22,108,145</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,407,326</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Interest expense (1)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(390,505</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(239,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Interest imputed on the Tap Participation</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Fee payable to HP A&amp;M (2)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(23,816</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(255, 255, 255); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(1,445,509</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
Taxes</div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);"><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">(292,729</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">-&#xA0;</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 64%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Loss from discontinued operations, net of
taxes<br></font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(80,348</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(22,552,801</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">(596,957</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-10</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: -36px; padding-bottom: 8px; margin-right: 0px; margin-left: 60px;">
<font style="font-family: Times New Roman; font-size: 13px;">(1)&#xA0;Interest
expense represents interest accrued related to notes the Company
had on its farm assets prior to the sale. All notes associated with
the farms have been paid off, and as a result the Company no longer
incurs interest on such notes.</font></div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(2)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Imputed interest represents an estimate of the interest accrued on
the Tap Participation Fee payable to High Plains A&amp;M, LLC
(&#x201C;HP A&amp;M&#x201D;), which was eliminated as a result of the
settlement with HP A&amp;M during the three months ended February
28, 2015. As a result, the Company no longer accrues interest
related to the Tap Participation Fee.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company anticipates continued expenses through the end of
calendar 2016 related to the discontinued operations. The Company
will continue to incur expenses related to the remaining
agricultural land the Company continues to own and for the purpose
of collecting outstanding receivables.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The individual assets and liabilities of the discontinued
agricultural business are combined in the captions &#x201C;Assets of
discontinued operations&#x201D; and &#x201C;Liabilities of
discontinued operations&#x201D; in the consolidated balance sheets.
The carrying amounts of the major classes of assets and liabilities
included part of the discontinued business are presented in the
following table:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="3" rowspan="1" style="width: 100%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
<div><font style="text-align: left; width: 3%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 94%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Discontinued Operations Balance Sheets</font></div>
</font><font style="text-align: left; width: 3%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 90%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
August 31,</font></div>
</font><font style="text-align: left; width: 5%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
2016</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
2015</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Assets:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Trade accounts receivable</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">227,060</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">549,993</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Escrow receivable</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,342,250</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Land held for sale (1)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">450,347</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Prepaid expenses</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">2,880</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">65,309</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total assets</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">680,287</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,957,552</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Liabilities:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Accounts payable</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">25,704</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Accrued liabilities</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4,394</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">90,725</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Deferred revenues</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">900</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total liabilities</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">4,394</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">117,329</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="width: 24px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(1)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Land
Held for Sale.</font> <font style="color: rgb(0, 0, 0);">During the
fiscal quarter ended November 30, 2015, the Company purchased three
farms totaling 700 acres for approximately $450,300. The farms were
acquired to correct dry-up covenant issues related to water only
farms to obtain the release of the escrow funds related to the
Company&#x2019;s farm sale to Arkansas River Farms, LLC. The Company
intends to sell the farms within the next fiscal
year.</font></font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Loss per Common Share</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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 338,100, 312,100, and
315,100 common share equivalents as of August 31, 2016, 2015 and
2014, respectively, 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: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Recently Issued Accounting Pronouncements</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The Company continually assesses any new
accounting pronouncements to determine their applicability. When it
is determined that a new accounting pronouncement affects the
Company&#x2019;s financial reporting, the Company undertakes a study
to determine the consequence of the change to its consolidated
financial statements and ensure that there are proper controls in
place to ascertain that the Company&#x2019;s consolidated financial
statements properly reflect the change.</font> New pronouncements
assessed by the Company recently are discussed below:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">In May
2016, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;)
issued Accounting Standards Update (&#x201C;ASU&#x201D;) No. 2016-12,
<font style="font-style: italic;">Revenue from Contracts with
Customers (Topic 606): Narrow-Scope Improvements and
Practical</font></font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-11</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-style: italic;">Expedients.</font> <font style="color: rgb(0, 0, 0);">ASU 2016-12 provides for amendments to ASU
No. 2014-09,</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Revenue from Contracts
with Customers</font><font style="color: rgb(0, 0, 0);">, amending
the guidance on transition, collectability, noncash consideration
and the presentation of sales and other similar taxes.
Specifically, ASU 2016-12 clarifies that, for a contract to be
considered completed at transition, all (or substantially all) of
the revenue must have been recognized under legacy GAAP. In
addition, ASU 2016-12 clarifies how an entity should evaluate the
collectability threshold and when an entity can recognize
nonrefundable consideration received as revenue if an arrangement
does not meet the standard&#x2019;s contract criteria.</font>
<font style="color: rgb(0, 0, 0); font-family: Times New Roman;">ASU 2016-12 is
effective for annual reporting periods beginning after December 15,
2017, including interim reporting periods within that reporting
period. Early adoption is&#xA0;permitted only for annual reporting
periods beginning after December 15, 2016, including interim
periods within that period.&#xA0;</font><font style="color: rgb(0, 0, 0);">The Company is assessing the impact of ASU
2016-12, but it does not expect the adoption of ASU 2016-12 to have
a material impact on its financial statements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">In
April 2016, the FASB issued ASU No. 2016-10, <font style="font-style: italic;">Revenue from Contracts with Customers (Topic
606): Identifying Performance Obligations and Licensing</font>.
<font style="color: rgb(0, 0, 0);">ASU 2016-10 provides for
amendments to ASU No. 2014-09,</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Revenue from Contracts
with Customers,</font> <font style="color: rgb(0, 0, 0);">reducing
the complexity when applying the guidance for identifying
performance obligations and improving the operability and
understandability of the license implementation guidance.</font>
<font style="color: rgb(0, 0, 0); font-family: Times New Roman;">ASU 2016-10 is
effective for annual reporting periods beginning after December 15,
2017, including interim reporting periods within that reporting
period. Early adoption is&#xA0;permitted only for annual reporting
periods beginning after December 15, 2016, including interim
periods within that period.</font> <font style="color: rgb(0, 0, 0);">The Company is assessing the impact of ASU
2016-10, but it does not expect the adoption of ASU 2016-10 to have
a material impact on its financial statements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">In
March 2016, the FASB issued ASU No. 2016-08, <font style="font-style: italic;">Revenue from Contracts with Customers (Topic
606): Principal versus Agent Considerations (Reporting Revenue
Gross versus Net)</font>. <font style="color: rgb(0, 0, 0);">ASU
2016-08 provides for amendments to ASU No. 2014-09,</font>
<font style="color: rgb(0, 0, 0); font-style: italic;">Revenue from
Contracts with Customers</font><font style="color: rgb(0, 0, 0);">,
clarifying the implementation guidance on principal versus agent
considerations in the new revenue recognition standard.
Specifically, ASU 2016-08 clarifies how an entity should identify
the unit of accounting (i.e., the specified good or service) for
the principal versus agent evaluation and how it should apply the
control principle to certain types of arrangements.</font>
<font style="color: rgb(0, 0, 0); font-family: Times New Roman;">ASU 2016- is
effective for annual reporting periods beginning after December 15,
2017, including interim reporting periods within that reporting
period. Early adoption is&#xA0;permitted only for annual reporting
periods beginning after December 15, 2016, including interim
periods within that period.</font> <font style="color: rgb(0, 0, 0);">The Company is assessing the impact of ASU
2016-08, but it does not expect the adoption of ASU 2016-08 to have
a material impact on its financial statements.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">In April 2014, the FASB issued ASU No.
2014-08,</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Presentation of
Financial Statements (Topic 205) and Property, Plant, and Equipment
(Topic 360):</font><font style="color: rgb(0, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0); font-style: italic;">Reporting Discontinued
Operations and Disclosures of Disposals of Components of an
Entity</font><font style="color: rgb(0, 0, 0);">. ASU 2014-08
changes the presentation and disclosure requirements for
discontinued operations. The update was adopted by the Company in
fiscal year 2016.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 3&#xA0;&#x2013; FAIR VALUE MEASUREMENTS</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Level 1 &#x2014; Valuations for assets and liabilities traded in
active exchange markets, such as the NASDAQ Stock Market. The
Company had one of these assets and no liabilities as of August 31,
2016. The Company had no Level 1 assets or liabilities as of August
31, 2015.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Level 2 &#x2014; Valuations for assets and
liabilities obtained from readily available pricing sources via
independent providers for market transactions involving similar
assets or liabilities.</font> The Company ha<font style="color: rgb(0, 0, 0);">d 36 Level 2 as</font>sets as of August 31,
2016, which consist of certificates of deposit and U.S. treasury
notes. <font style="color: rgb(0, 0, 0);">The Company had no Level
2 assets or liabilities as of August 31, 2015.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Level 3 &#x2014; 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</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-12</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
assigned to such assets or liabilities. The Company had no Level 3
assets or liabilities as of August 31, 2016 or 2015.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company maintains policies and procedures to value instruments
using what management believes to be the best and most relevant
data available.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Level
2 Asset &#x2013; Available for Sale Securities.</font> <font style="color: rgb(0, 0, 0);">The Company&#x2019;s available for sale
securities are the Company&#x2019;s only financial asset measured at
fair value on a recurring basis.</font> The fair value of the
available for sale securities is based on the values reported by
the financial institutions where the funds are held.<font style="color: rgb(0, 0, 0);">&#xA0;</font>These securities include only
federally insured certificates of deposit.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The following table provides information on
the assets and liabilities measured at fair value on a recurring
basis as of</font> August 31, 2016<font style="color: rgb(0, 0, 0);">:</font></font></div>
<div style="text-align: right">
<table cellpadding="0" cellspacing="0" style="text-align: right; font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color:#cceeff;">
<td rowspan="1" style="vertical-align:bottom;width:40%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:30%;">
<div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Fair Value
Measurement Using:</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Cost /
Other</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Quoted
Prices in Active Markets for Identical Assets</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Significant
Other Observable Inputs</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Significant
Unobservable Inputs</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Accumulated
Unrealized Gains and</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Fair
Value</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">Value</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">(Level
1)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">(Level
2)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">(Level
3)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">(Losses)</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 11px"><font style="font-size: 12px"><font style="font-size: 13px">Money
Market</font></font></font><br></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;display:inline-block;">4,184,900</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,184,900<br></font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,184,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-<br></font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-<br></font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-<br></font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Available
for sale</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23,176,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23,173,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">23,176,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,100</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 4 &#x2013; WATER AND LAND ASSETS</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company&#x2019;s water and water systems consist of the
following approximate costs and accumulated depreciation and
depletion as of August 31:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td rowspan="1" style="width: 52%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 90%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
August 31, 2016</font></div>
</font><font style="text-align: left; width: 5%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 90%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
August 31, 2015</font></div>
</font><font style="text-align: left; width: 5%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Costs</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Accumulated Depreciation and Depletion</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Costs</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Accumulated Depreciation and Depletion</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Rangeview water supply</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">14,444,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(9,400</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">14,444,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(8,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Sky Ranch water rights and other costs</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6,607,400</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(334,500</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">6,440,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(194,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Fairgrounds water and water system</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,899,900</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(886,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,899,900</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(798,700</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Rangeview water system</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,624,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(152,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,256,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(110,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Water supply &#x2013; other</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,703,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(297,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3,649,800</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(193,900</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Construction in progress</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">723,500</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">323,500</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Totals</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">30,003,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(1,681,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">29,014,900</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(1,306,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Net investments in water and water systems</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">28,321,900</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">27,708,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font><font style="text-align: left; width: 10%; padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Depletion and Depreciation</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company recorded $500, $7,000, and $4,400 of depletion charges
during the fiscal years ended August 31, 2016, 2015 and 2014,
respectively. During the fiscal year ended August 31, 2016, this
related entirely to the Rangeview Water Supply (defined below), and
during the fiscal years ended August 31, 2015 and 2014, this
related to the Rangeview Water Supply and the Sky Ranch water
supply (discussed below).</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company recorded $419,600, $340,300 and $192,200 of
depreciation expense in each of the fiscal years ended August 31,
2016, 2015 and 2014, respectively. These figures include
depreciation for other equipment not included in the table
above.</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-13</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Rangeview Water Supply and Water System</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The &#x201C;Rangeview Water Supply&#x201D; consists of 22,985 acre
feet and is a combination of tributary surface water and
groundwater rights along with certain storage rights associated
with the Lowry Range, a 27,000-acre property owned by the Land
Board located 16 miles southeast of Denver, Colorado. Approximately
$14.4 million of Investments in Water and Water Systems on the
Company&#x2019;s balance sheet as of August 31, 2016, represents the
costs of assets acquired or facilities constructed to extend water
service to customers located on and off the Lowry Range. The
recorded costs of the Rangeview Water Supply include payments to
the sellers of the Rangeview Water Supply, design and construction
costs and certain direct costs related to improvements to the asset
including legal and engineering fees.</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company acquired the Rangeview Water Supply beginning in 1996
when:</font></div>
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<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(i)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The District entered into the 1996 Amended and Restated Lease
Agreement with the Land Board, which owns the Lowry
Range;</font></div>
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<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(ii)</font>&#xA0;</font></div>
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The Company entered into the Agreement for Sale of Export Water
with the District;</font></div>
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<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(iii)</font>&#xA0;</font></div>
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The Company entered into the 1996 Service Agreement with the
District for the provision of water service to the Lowry Range;
and</font></div>
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<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(iv)</font>&#xA0;</font></div>
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In 1997, the Company entered into the Wastewater Service Agreement
with the District for the provision of wastewater service to the
District&#x2019;s service area.</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In July 2014, the Company, the District and the Land Board entered
into the 2014 Amended and Restated Lease (the &#x201C;Lease&#x201D;),
which superseded the original 1996 lease, and the Company and the
District entered into an Amended and Restated Service Agreement.
Collectively, the foregoing agreements, as amended, are referred to
as the &#x201C;Rangeview Water Agreements.&#x201D;</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pursuant to the Rangeview Water Agreements, the Company owns 11,650
acre feet of water consisting of 10,000 acre feet of groundwater
and 1,650 acre feet of average yield surface water which can be
exported off the Lowry Range to serve area users (referred to as
&#x201C;Export Water&#x201D;). The 1,650 acre feet of surface rights
are subject to completion of documentation by the Land Board
related to the Company&#x2019;s exercise of its right to substitute
an aggregate gross volume of 165,000 acre feet of its groundwater
for 1,650 acre feet per year of adjudicated surface water and to
use this surface water as Export Water. Additionally, assuming
completion of the substitution of groundwater for surface water,
the Company has the exclusive right to provide water and wastewater
service, through 2081, to all water users on the Lowry Range and
the right to develop an additional 12,035 acre feet of groundwater
and 1,650 acre feet of adjudicated surface water to serve customers
either on or off the Lowry Range. The Rangeview Water Agreements
also provide for the Company to use surface reservoir storage
capacity in providing water service to customers both on and off
the Lowry Range.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Services
on the Lowry Range &#x2013;</font> <font style="color: rgb(0, 0, 0);">Pursuant to the Rangeview Water Agreements,
the Company designs, finances, constructs, operates and maintains
the District&#x2019;s water and wastewater systems to provide
service to the District&#x2019;s customers on the Lowry Range. The
Company will operate both the water and the wastewater systems
during the contract period, and the District owns both systems.
After 2081, ownership of the water system will revert to the Land
Board, with the District retaining ownership of the wastewater
system.</font></font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Rates and charges for all water and wastewater services on the
Lowry Range, including tap fees and usage or monthly fees, are
governed by the terms of the Rangeview Water Agreements. Rates and
charges are required to be less than the average of similar rates
and charges of three surrounding municipal water and wastewater
service providers, which are reassessed annually. Pursuant to the
Rangeview Water Agreements the Land Board receives a royalty of 10%
or 12% of gross revenues from the sale or disposition of the water
depending on the purchaser of the water, except that the royalty on
tap fees shall be 2% (other than taps sold for Sky Ranch which are
exempt). The Company also is required to pay the Land Board a
minimum annual water production fee, which will offset future
royalty obligations. The Company and the Land Board are working
cooperatively to clarify the calculation of the minimum annual
production fee. Pursuant to the Company&#x2019;s determination, the
Company has made payments of $45,600 for each of the past two
years. The Company does not anticipate any modification to the
minimum fee to be</font></div>
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material.&#xA0;The District retains 2% of the remaining gross
revenues and the Company receives 98% of the remaining gross
revenues after the Land Board royalty. The Land Board does not
receive a royalty on wastewater fees. The Company receives 100% of
the District&#x2019;s wastewater tap fees and 90% of the
District&#x2019;s wastewater usage fees (the District retains the
other 10%).</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Export
Water &#x2013;</font> <font style="color: rgb(0, 0, 0);">The Company
owns the Export Water and intends to use it to provide water and
wastewater services to customers off the Lowry Range. The Company
will own all wholesale facilities required to extend water and
wastewater services using its Export Water. The Company anticipates
contracting with third parties for the construction of these
facilities. If the Company sells water, the Company is required to
pay royalties to the Land Board ranging from 10% to 12% of gross
revenues.</font></font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
The Arapahoe County Fairgrounds Water and Water System</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company owns 321 acre feet of groundwater purchased pursuant to
its agreement with Arapahoe County. The Company plans to use this
water in conjunction with its Rangeview Water Rights in providing
water to areas outside the Lowry Range. The $2.9 million of
capitalized costs includes the costs to construct various Wholesale
and Special Facilities, including a new deep water well, a
500,000-gallon water tank and pipelines to transport water to the
Arapahoe County fairgrounds.</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Sky Ranch</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In 2010, the Company purchased approximately 931 acres of
undeveloped land known as Sky Ranch. The property includes the
rights to approximately 830 acre feet of water.</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total consideration for the land and water included the $7.0
million purchase price, plus direct costs and fees of $554,100. The
Company allocated the total acquisition cost to the land and water
rights based on estimates of each asset&#x2019;s respective fair
value.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">O&amp;G
Lease</font> <font style="color: rgb(0, 0, 0); font-weight: bold;">&#x2013;</font>
<font style="color: rgb(0, 0, 0);">On March 10, 2011, the Company
entered into the O&amp;G Lease and the Surface Use Agreement with
Anadarko. Pursuant to the O&amp;G Lease, the Company received an
up-front payment 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 owned by the Company at its Sky Ranch
property. The Company also received $9,000 in surface use and
damage payments. In December 2012, the O&amp;G Lease was purchased
by a wholly owned subsidiary of ConocoPhillips Company. The Company
received an additional payment of $1,243,400 during February 2014
to extend the O&amp;G Lease an additional two years through
February 2016. The O&amp;G Lease is now held by production
entitling the Company to royalties based on
production.</font></font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 5 &#x2013; PARTICIPATING INTERESTS IN EXPORT WATER</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The Company acquired its Rangeview Water
Supply through various amended agreements entered into in the early
1990s. 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&#x2019;s Export Water (described in
greater detail in Note 4 &#x2013;</font> <font style="color: rgb(0, 0, 0); font-style: italic;">Water and Land
Assets</font><font style="color: rgb(0, 0, 0);">). 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 investment. 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&#x2019;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></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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>
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<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">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><font style="color: rgb(0, 0, 0); font-style: italic;">&#xA0;</font><font style="color: rgb(0, 0, 0);">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, approximately 35% of each payment
remitted to the CAA holders is allocated to the</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">recorded liability account. The remaining
portion of each payment, or approximately 65%, is allocated to the
contingent obligation, which is recorded on a net revenue
basis.</font></font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
From time to time, the Company repurchased various portions of the
CAA obligations, which retained their original priority. The
Company did not make any CAA acquisitions during the fiscal years
ended August 31, 2016 or 2015. In July 2014, the Land Board
relinquished its approximately $2.4 million of CAA interests to the
Company as part of a settlement of the 2011 lawsuit filed by the
Company and the District against the Land Board.</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
As a result of the acquisitions, the relinquishment by the Land
Board, and the sale of Export Water, as detailed in the table
below, the remaining potential third-party obligation at August 31,
2016, is approximately $1 million:</font></div>
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</div>
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</td>
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<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Export Water Proceeds Received</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
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<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Initial Export Water Proceeds to Pure Cycle</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
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<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Total Potential Third-party Obligation</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Participating Interests Liability</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Contingency</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Original balances</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2013;</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">218,500</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">31,807,700</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">11,090,600</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">20,717,100</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; font-style: italic;">
Activity from inception until August 31, 2014:</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Acquisitions</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#x2013;</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">30,428,900</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(30,428,900</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(10,622,100</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(19,806,800</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Option payments - Sky Ranch</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; and The Hills at Sky Ranch</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">110,400</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(42,300</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(68,100</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(23,800</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(44,300</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Arapahoe County tap fees (1)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">533,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(373,100</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(159,900</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(55,800</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(104,100</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Export Water sale payments</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">361,500</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(262,800</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(98,700</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(34,300</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(64,400</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Balance at August 31, 2014</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,004,900</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">29,969,200</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,052,100</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">354,600</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">697,500</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; font-style: italic;">
Fiscal 2015 activity:</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Export Water sale payments</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">207,900</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(183,200</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(24,700</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(8,600</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(16,100</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Balance at August 31, 2015</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,212,800</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">29,786,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,027,400</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">346,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">681,400</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; font-style: italic;">
Fiscal 2016 activity:</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
&#xA0; Export Water sale payments</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">49,200</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(43,300</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(5,900</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(2,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(3,900</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Balance at August 31, 2016</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,262,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">29,742,700</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,021,500</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">344,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">677,500</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="width: 48px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(1)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Arapahoe County tap fees are less $34,522 in royalties paid to
the Land Board.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The CAA includes contractually established priorities which call
for payments to CAA holders in order of their priority. This means
the first payees receive their full payment before the next
priority level receives any payment and so on until full repayment.
The Company will receive approximately $6 million of the first
priority payout (the remaining entire first priority payout totals
approximately $6.8 million as of August 31, 2016).</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 6 &#x2013; ACCRUED LIABILITIES</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
At August 31, 2016, the Company had accrued liabilities of
$242,600, of which $160,000 was for accrued compensation, $5,700
was for estimated property taxes, $48,000 was for professional fees
and the remaining $28,900 was related to operating
payables.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
At August 31, 2015, the Company had accrued liabilities of
$499,800, of which $400,000 was for accrued compensation, $4,800
was for estimated property taxes, $52,500 was for professional fees
and the remaining $42,500 was related to operating
payables.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 7 &#x2013; LONG-TERM DEBT AND OPERATING LEASE</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
As of August 31, 2016 and 2015, the Company had no
debt.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">The Participating Interests in Export Water
Supply are obligations of the Company that have no scheduled
maturity dates. Therefore, these liabilities are not disclosed in
tabular format. However, the Participating Interests in Export
Water Supply are described in Note 5&#xA0;&#x2013;</font>
<font style="color: rgb(0, 0, 0); font-style: italic;">Participating Interests
in Export Water</font><font style="color: rgb(0, 0, 0);">.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-16</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
WISE Partnership</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">During
December 2014, the Company, through the District,</font>
<font style="color: rgb(0, 0, 0);">consented to the waiver of all
contingencies set forth in the Amended and Restated WISE
Partnership &#x2013; Water Delivery Agreement, dated December 31,
2013 (the &#x201C;WISE Partnership Agreement&#x201D;), among the City
and County of Denver acting through its Board of Water
Commissioners (&#x201C;Denver Water&#x201D;), the City of Aurora
acting by and through its Utility Enterprise (&#x201C;Aurora
Water&#x201D;), and the South Metro WISE Authority
(&#x201C;SMWA&#x201D;). The SMWA was formed by the District and nine
other governmental or quasi-governmental water providers pursuant
to the South Metro WISE Authority Formation and Organizational
Intergovernmental Agreement, dated December 31, 2013 (the &#x201C;SM
IGA&#x201D;), to enable the members of SMWA to participate in the
regional water supply project known as the Water Infrastructure
Supply Efficiency partnership (&#x201C;WISE&#x201D;) created by the
WISE Partnership Agreement. The SM IGA specifies each
member&#x2019;s pro rata share of WISE and the members&#x2019; rights
and obligations with respect to WISE. The WISE Partnership
Agreement provides for the purchase of certain infrastructure
(i.e., pipelines, water storage facilities, water treatment
facilities, and other appurtenant facilities) to deliver water to
and among the 10 members of the SMWA, Denver Water and Aurora
Water. Certain infrastructure has been constructed and other
infrastructure will be constructed over the next several
years.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">By consenting to the waiver of the
contingencies set forth in the WISE Partnership Agreement, pursuant
to the terms of the Rangeview/Pure Cycle WISE Project Financing
Agreement (the &#x201C;WISE Financing Agreement&#x201D;) between the
Company and the District, the Company has an agreement to fund the
District&#x2019;s participation in WISE effective as of December 22,
2014. The Company&#x2019;s cost of funding the District&#x2019;s
purchase of its share of existing infrastructure and future
infrastructure for WISE and funding operations and water deliveries
related to WISE is projected to be approximately $5.6 million over
the next five years. See further discussion in Note 14</font>
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-weight: bold;">
&#x2013;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-style: italic;">
Related Party Transactions.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Operating Lease</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Effective January 2016, the Company entered into an operating lease
for approximately 2,500 square feet of office and warehouse space.
The lease has a one-year term with payments of $3,000 per
month.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 8 &#x2013; SHAREHOLDERS&#x2019; EQUITY</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Preferred Stock</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company&#x2019;s non-voting Series B Preferred Stock has a
preference in liquidation of $1.00 per share less any dividends
previously paid. Additionally, the Series B Preferred Stock is
redeemable at the discretion of the Company for $1.00 per share
less any dividends previously paid. In the event that the
Company&#x2019;s proceeds from sale or disposition of Export Water
rights exceed $36,026,232, the Series B Preferred Stock holders
will receive the next $432,513 of proceeds in the form of a
dividend.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Equity Compensation Plan</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company maintains the 2014 Equity Incentive Plan (the
&#x201C;2014 Equity Plan&#x201D;), which was approved by shareholders
in January 2014 and became effective April 12, 2014. Executives,
eligible employees, consultants and non-employee directors are
eligible to receive options and stock grants pursuant to the 2014
Equity Plan. Pursuant to the 2014 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
has reserved 1.6 million shares of common stock for issuance under
the 2014 Equity Plan. Awards to purchase 62,000 shares of the
Company&#x2019;s common stock have been made under the 2014 Equity
Plan. Prior to the effective date of the 2014 Equity Plan, the
Company granted stock awards to eligible participants under its
2004 Incentive Plan (the &#x201C;2004 Incentive Plan&#x201D;), which
expired April 11, 2014. No additional awards may be granted
pursuant to the 2004 Incentive Plan; however, awards outstanding as
of April 11, 2014, will continue to vest and expire and may be
exercised in accordance with the terms of the 2004 Incentive
Plan.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company estimates the fair value of share-based payment awards
on the date of grant using the Black-Scholes option-pricing model
(&#x201C;Black-Scholes model&#x201D;). Using the Black-Scholes model,
the value of the portion of the award that is ultimately expected
to vest is recognized as a period expense over the requisite
service period in the statement of operations. Option forfeitures
are to be estimated at the time of grant and revised, if necessary,
in</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-17</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
subsequent periods if actual forfeitures differ from those
estimates. The Company does not expect any forfeiture of its option
grants and therefore the compensation expense has not been reduced
for estimated forfeitures. During fiscal year 2015, 12,500 options
expired and 16,500 were exercised. During fiscal year 2016, 10,000
options expired. The Company attributes the value of share-based
compensation to expense using the straight-line single option
method for all options granted.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company&#x2019;s determination of the estimated fair value of
share-based payment awards on the date of grant is affected by the
following variables and assumptions:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The grant date exercise price&#xA0;&#x2013; is the closing market
price of the Company&#x2019;s common stock on the date of
grant;</font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Estimated option lives&#xA0;&#x2013; based on historical experience
with existing option holders;</font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Estimated dividend rates&#xA0;&#x2013; based on historical and
anticipated dividends over the life of the option;</font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Life of the option &#x2013; based on historical experience option
grants have lives between 8 and 10 years;</font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Risk-free interest rates&#xA0;&#x2013; with maturities that
approximate the expected life of the options granted;</font></div>
</div>
</div>
<div style="padding-bottom: 8px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Calculated stock price volatility&#xA0;&#x2013; calculated over the
expected life of the options granted, which is calculated based on
the weekly closing price of the Company&#x2019;s common stock over a
period equal to the expected life of the option; and</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Option exercise behaviors&#xA0;&#x2013; based on actual and
projected employee stock option exercises and
forfeitures.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In January 2016, the Company granted its non-employee directors
options to purchase a combined 36,000 shares of the Company&#x2019;s
common stock pursuant to the 2014 Equity Plan. Options for 26,000
shares vest one year after the date of grant, and options for
10,000 shares vest one-half one year after the date of grant and
one-half two years after the date of grant. All of the options
expire 10 years after the date of grant. The Company calculated the
fair value of the options granted during January 2016 at
approximately $104,100, using the Black Scholes model with the
following variables: weighted average exercise price of $4.26
(which was the closing sales price of the Company&#x2019;s common
stock on the date of grant); estimated option lives of 10 years;
weighted average risk free interest rate of 2.06%; weighted average
stock price volatility of 58.26%; and an estimated forfeiture rate
of 0%. The $104,100 of stock-based compensation is being expensed
monthly over the vesting periods.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In January 2015, the Company granted its non-employee directors
options to purchase a combined 26,000 shares of the Company&#x2019;s
common stock pursuant to the 2014 Equity Plan. The options vest one
year after the date of grant and expire 10 years after the date of
grant. The Company calculated the fair value of the options granted
during January 2015 at approximately $72,000, using the Black
Scholes model with the following variables: weighted average
exercise price of $4.17 (which was the closing sales price of the
Company&#x2019;s common stock on the date of grant); estimated
option lives of 10 years; weighted average risk free interest rate
of 1.77%; weighted average stock price volatility of 57.45%; and an
estimated forfeiture rate of 0%. The $72,000 of stock-based
compensation is being expensed monthly over the vesting
periods.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In January 2014, the Company granted its non-employee directors
options to purchase a combined 32,500 shares of the Company&#x2019;s
common stock pursuant to the 2004 Incentive Plan. The options vest
one year after the date of grant and expire 10 years after the date
of grant. The Company calculated the fair value of these options at
$132,900 using the Black-Scholes model with the following
variables: weighted average exercise price of $6.08 (which was the
closing sales price of the Company&#x2019;s common stock on the date
of grant); estimated option lives of 10&#xA0;years; estimated
dividend rate of 0%; weighted average risk-free interest rate of
1.84%; weighted average stock price volatility of 63.6%; and an
estimated forfeiture rate of 0%. The $132,900 of stock-based
compensation was being expensed monthly over the vesting
periods.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
During the fiscal year ended August 31, 2015, 16,500 options were
exercised. No options were exercised during the fiscal years ended
August 31, 2016 or 2014.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The following table summarizes the stock option activity for the
combined 2004 Incentive Plan and 2014 Equity Plan for the fiscal
year ended August 31, 2016:</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-18</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td rowspan="1" style="width: 52%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Number of Options</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Weighted-Average Exercise Price</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Weighted-Average Remaining Contractual Term</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Approximate Aggregate Intrinsic Value</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Outstanding at beginning of period</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">312,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">5.10</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Granted</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">36,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">4.26</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Exercised</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 52%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Forfeited or expired</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(10,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">13.25</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="padding-bottom: 4px;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Outstanding at August 31, 2016</font></div>
</div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">338,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">4.77</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">5.68</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">248,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 52%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 52%; vertical-align: bottom;">
<div style="padding-bottom: 4px;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Options exercisable at August 31, 2016</font></div>
</div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">302,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">4.83</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">5.36</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">227,100</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The following table summarizes the activity and value of non-vested
options as of and for the fiscal year ended August 31,
2016:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Number of Options</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Weighted-Average Grant Date Fair Value</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Non-vested options outstanding at beginning of period</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">59,333</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3.66</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Granted</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">36,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2.89</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Vested</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(59,333</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">3.66</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td colspan="1" style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 12px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Forfeited</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 2px;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px;">
Non-vested options outstanding at August 31, 2016</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">36,000</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block; padding-bottom: 4px;">2.89</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-top: 13.3px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
All non-vested options are expected to vest. The total fair value
of options vested during the fiscal years ended August 31, 2016,
2015 and 2014 was $216,900, $280,700 and $219,200, respectively.
The weighted average grant date fair value of options granted
during the fiscal years ended August 31, 2016, 2015 and 2014 was
$2.89, $2.78, and $4.09, respectively.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Share-based compensation expense for the
fiscal years ended August 31, 2016, 2015 and 2014, was
$219,900,</font> <font style="color: rgb(0, 0, 0);">$240,000,
and $251,900, respectively.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">At August 31, 2016, the Company had
unrecognized expenses relating to non-vested options that are
expected to vest totaling $51,400.</font><font style="color: rgb(255, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">The weighted-average period over which these
options are expected to vest is less than three years. The Company
has not recorded any excess tax benefits to additional paid in
capital.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Warrants</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
As of August 31, 2016, the Company had outstanding warrants to
purchase 92 shares of common stock at an exercise price of $1.80
per share. These warrants expire six months from the earlier
of:</font></div>
<div style="padding-bottom: 13.3px; display: table;">
<div style="display: table-row;">
<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(i)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The date all of the Export Water is sold or otherwise disposed
of,</font></div>
</div>
</div>
<div style="padding-bottom: 13.3px; display: table;">
<div style="display: table-row;">
<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(ii)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The date the CAA is terminated with respect to the original holder
of the warrant, or</font></div>
</div>
</div>
<div style="padding-bottom: 13.3px; display: table;">
<div style="display: table-row;">
<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">(iii)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The date on which the Company makes the final payment pursuant to
Section 2.1(r) of the CAA.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
No warrants were exercised during fiscal 2016, 2015 or
2014.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 9 &#x2013; SIGNIFICANT CUSTOMERS</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company sells wholesale water and wastewater services to the
District pursuant to the Rangeview Water Agreements. Sales to the
District accounted for 67%, 19% and 9% of the Company&#x2019;s total
water and wastewater revenues for the fiscal years ended August 31,
2016, 2015 and 2014, respectively. The District had one
significant</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-19</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
customer, the Ridgeview Youth Services Center. Pursuant to the
Rangeview Water Agreements, the Company is providing water and
wastewater services to this customer on behalf of the District. The
District&#x2019;s significant customer accounted for 55%, 16%, and
7% of the Company&#x2019;s total water and wastewater revenues for
the fiscal years ended August 31, 2016, 2015 and 2014,
respectively.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Revenues from another customer directly and
indirectly represented approximately</font> less than 1%,
<font style="color: rgb(0, 0, 0);">75% and 88% of the
Company&#x2019;s water and wastewater revenues for the fiscal years
ended August 31, 2016, 2015 and 2014,
respectively.</font></font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company had accounts receivable from the District which
accounted for 74% and 87% of the Company&#x2019;s water and
wastewater trade receivables balances at August 31, 2016 and 2015,
respectively. Accounts receivable from the District&#x2019;s largest
customer accounted for 63% and 77% of the Company&#x2019;s water and
wastewater trade receivables as of August 31, 2016 and 2015,
respectively.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 10 &#x2013; INCOME TAXES</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Deferred income taxes reflect the tax effects of net operating loss
carryforwards and temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes
and the amounts used for income tax purposes. Significant
components of the Company&#x2019;s deferred tax assets as of August
31 are as follows:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td rowspan="1" style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="width: 24%; vertical-align: bottom;">
<div><font style="text-align: left; width: 5%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 90%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
For the Fiscal Years Ended August 31,</font></div>
</font><font style="text-align: left; width: 5%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 76%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2016</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2015</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Deferred tax assets:</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Net operating loss carryforwards</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">2,393,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,816,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Deferred revenue</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">344,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">503,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Depreciation and depletion</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">247,400</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">320,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Other</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">65,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">34,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Valuation allowance</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(3,050,500</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">(2,674,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 76%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 4px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; Net deferred tax asset</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">-</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company has recorded a valuation allowance against the deferred
tax assets as the Company is unable to reasonably determine if it
is more likely than not that deferred tax assets will ultimately be
realized.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Income taxes computed using the federal statutory income tax rate
differs from our effective tax rate primarily due to the following
for the fiscal years ended August 31:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;margin-right:0px;margin-left:0px;width:100%;font-size:13px;">
<tr style="background-color: rgb(204, 238, 255);">
<td rowspan="1" style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%;">
<div><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">For the
Fiscal Years Ended August 31,</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:3%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2016</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2015</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;color:#000;">2014</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Expected
benefit from federal taxes at statutory rate of 34%</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(420,300</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(195,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">97,100</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">State
taxes, net of federal benefit</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(40,700</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(19,000</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">9,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Expiration
of net operating losses</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">89,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Permanent
and other differences</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">84,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">91,900</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">96,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:2px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Change
in valuation allowance</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">376,500</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">122,600</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000;border-bottom:solid 2px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">(292,400</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom:4px;text-indent:0px;margin-left:0px;margin-right:0px;"><font style="color: #000; font-family: Times New Roman; font-size: 13px">Total
income tax expense / (benefit)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000;border-bottom:double 4px #000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">-</font><font style="text-align: left; color:#000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">At August 31, 2016, the Company has
$6.5</font><font style="color: rgb(255, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">million of net operating loss carryforwards
available for income tax purposes, which expire between fiscal 2032
and 2036. Utilization of these net operating loss carryforwards may
be subject to substantial annual ownership change limitations
provided by the Internal Revenue Code. Such an annual limitation
could result in the expiration of the net operating loss
carryforwards before utilization.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
No net operating loss carryforwards expired during the fiscal years
ended August 31, 2016 or 2015. Net operating loss carryforwards of
$239,600 expired during the fiscal year ended August
2014.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-20</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 11 &#x2013; 401(k) PLAN</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company maintains a Pure Cycle Corporation 401(k) Profit
Sharing Plan (the &#x201C;Plan&#x201D;), a defined contribution
retirement plan for the benefit of its employees. The Plan is
currently a salary deferral only plan, and at this time the Company
does not match employee contributions. The Company pays the annual
administrative fees of the Plan, and the Plan participants pay the
investment fees. The Plan is open to all employees, age 21 or
older, who have been employees of the Company for at least six
months. During the fiscal years ended August 31, 2016, 2015 and
2014, the Company paid fees of $5,000, $3,800 and $3,600,
respectively, for the administration of the Plan.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 12 &#x2013; LITIGATION LOSS CONTINGENCIES</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company has historically been 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&#x2019;s financial position, results of operations or cash
flows.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 13 &#x2013; SEGMENT REPORTING</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Prior to the sale of the Company&#x2019;s agricultural assets and
the residual operations through December 31, 2015, the Company
operated primarily in two lines of business: (i)&#xA0;the wholesale
water and wastewater business and (ii)&#xA0;the agricultural
farming business. The Company has discontinued its agricultural
farming operations. Currently the Company operates its wholesale
water and wastewater services segment as its only line of business.
The wholesale water and wastewater services business includes
selling water service to customers, which is then provided by the
Company using water rights owned or controlled by the Company and
developing infrastructure to divert, treat and distribute that
water and collect, treat and reuse wastewater.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 14 &#x2013; RELATED PARTY TRANSACTIONS</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
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 (&#x201C;SMWSA&#x201D;). The
Company provided funding of $113,600, $78,600, and $114,900 for the
fiscal years ended August 31, 2016, 2015, and 2014,
respectively.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Through the WISE Financing Agreement, to date the Company made
payments of $2,870,500 to purchase certain rights to use existing
water transmission and related infrastructure acquired by the WISE
project and to construct the connection to the WISE system. The
amounts are included as Investments in Water and Water Systems on
the Company&#x2019;s balance sheet as of August 31, 2016. The
Company anticipates spending the following over the next five
fiscal years to fund the District&#x2019;s purchase of its share of
the water transmission line and additional facilities, water and
related assets for WISE and to fund operations and water deliveries
related to WISE:</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="6" rowspan="1" style="width: 100%; vertical-align: bottom;">
<div><font style="text-align: left; width: 1%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 98%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Estimated WISE Costs</font></div>
</font><font style="text-align: left; width: 1%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="5" style="width: 50%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
For the Fiscal Years Ended August 31,</font></div>
</font><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2017</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2018</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2019</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2020</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2021</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Operations</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">96,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Water Delivery</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">45,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">225,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">495,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">675,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">855,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Capital</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">464,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">339,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">464,000</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">1,339,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">57,100</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Other</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">43,500</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">23,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">86,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">23,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block;">23,600</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 2px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 50%; vertical-align: bottom;">
<div style="padding-bottom: 4px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">649,100</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">684,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,142,200</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">2,134,400</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 4px; border-bottom-style: double; display: inline-block;">1,032,300</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); padding-bottom: 4px; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The Company has outstanding loans of $800,400 to the District and
Sky Ranch Metropolitan District No. 5, which are both related
parties, as discussed below:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-21</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
The District</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">In 1995, the Company extended a loan to the
District. The loan provided for borrowings of up to $250,000, is
unsecured, and bears interest based on the prevailing prime rate
plus 2% (5.5% at August 31, 2016).</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman;">The maturity
date of the loan is December 31, 2020. Beginning in January 2014,
the District and the Company entered into a funding agreement that
allows the Company to continue to provide funding to the District
for day-to-day operations and accrue the funding into a note that
bears interest at a rate of 8% per annum and remains in full force
and effect for so long as the 2014 Amended and Restated Lease
Agreement remains in effect.</font><font style="font-family: Times New Roman;">&#xA0;</font><font style="color: rgb(0, 0, 0);">The $628,500 balance of the notes receivable
at August 31, 2016, includes borrowings of $260,200 and accrued
interest of $368,300. The $591,200 balance of the notes receivable
at August 31, 2015, includes borrowings of $237,000 and accrued
interest of $354,200.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Sky Ranch Metropolitan District No. 5</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Each year, beginning in 2012, the Company has entered into an
Operation Funding Agreement with Sky Ranch Metropolitan District
No. 5 obligating the Company to advance funding to the district for
the district's operations and maintenance expenses for the then
current calendar year. The District is expected to repay the
amounts advanced pursuant to the funding agreements from future
revenues from property tax assessments. All payments are subject to
annual appropriations by the district in its absolute discretion.
The advances by the Company accrue interest at a rate of 8% per
annum from the date of the advance.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In November 2014, but effective as of January 1, 2014, the Company
entered into a Facilities Funding and Acquisition Agreement with
Sky Ranch Metropolitan District No. 5 obligating the Company to
either finance district improvements or to construct improvements
on behalf of the district subject to reimbursement. Improvements
subject to this agreement are determined pursuant to a mutually
agreed upon budget. Each year in September, the partieis are to
mutually determine the improvements required for the following year
and finalize a budget by the end of October. Each advance or
reimbursable expense accrues interest at a rate of 6% per annum. No
payments are required by the district unless and until the district
issues bonds in an amount sufficient to reimburse the Company for
all or a portion of the advances and costs incurred.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pursuant to the Operation Funding Agreements and the Facilities
Funding and Acquisition Agreement, the Company has provided funding
to the district in the amounts of $8,500, $97,500 and $50,900 for
the fiscal years 2016, 2015, and 2014, respectively. The $171,900
balance of the receivable at August 31, 2016, includes advances of
$156,900 and accrued interest of $15,000. Upon the district's
ratification of the advances and related expenditures, the amount
was reclassified to long-term and is recorded as part of Notes
receivable &#x2013; related parties.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
NOTE 15 &#x2013; UNAUDITED QUARTERLY FINANCIAL DATA</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px; margin-right: 0px; margin-left: 0px;">
<tr style="background-color: rgb(204, 238, 255);">
<td colspan="9" rowspan="1" style="width: 100%; vertical-align: bottom;">
<div style="border-bottom: 2px solid rgb(0, 0, 0);">
<div>
<div><font style="text-align: left; width: 1%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 98%; vertical-align: bottom; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Quarterly results of operations</font></div>
</font><font style="text-align: left; width: 1%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</div>
</div>
</td>
</tr><tr style="">
<td style="width: 20%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; display: inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 20%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="4" style="width: 40%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2016</font></div>
</font><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="4" style="width: 40%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2015</font></div>
</font><font style="text-align: left; width: 2%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 20%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="4" style="width: 40%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Three months ended</font></div>
</font><font style="text-align: left; width: 2%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="4" style="width: 40%; vertical-align: bottom;">
<div><font style="text-align: left; width: 2%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 96%; vertical-align: bottom; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Three months ended</font></div>
</font><font style="text-align: left; width: 2%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 20%; vertical-align: bottom;">
<div style="padding-bottom: 2px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
30 Nov</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
29 Feb</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
31 May</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
31 Aug</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
30 Nov</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
28 Feb</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
31 May</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: center; width: 80%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
31 Aug</font></div>
</font><font style="text-align: left; width: 10%; padding-bottom: 2px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 20%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="8" style="width: 80%; vertical-align: bottom;">
<div><font style="text-align: left; width: 1%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; width: 98%; vertical-align: bottom; display: inline-block;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(In thousands, except per share data)</font></div>
</font><font style="text-align: left; width: 1%; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 20%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Total revenues<br></font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">126</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">76</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">101</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">149</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">570</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">372</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">120</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">135</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 20%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Gross margin</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(7</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(44</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(34</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">8</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">373</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">217</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(19</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(134</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 20%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Operating loss</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(472</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(557</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(533</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(618</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">47</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(324</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(448</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(952</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 20%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Net income (loss)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(97</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(271</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(422</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(521</font><font style="text-align: left; width: 10%; color: rgb(51, 51, 51); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">10</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(86</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">30</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(23,082</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 20%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 20%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Basic and diluted</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 20%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0; income (loss) per share</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">*</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(0.01</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(0.02</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(0.03</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">*</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">*</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">*</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">$</font><font style="text-align: right; width: 75%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">(0.96</font><font style="text-align: left; width: 10%; color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">)</font></div>
</td>
</tr><tr style="">
<td style="width: 20%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
* Amount is less than $.01 per share</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
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</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 10%; vertical-align: bottom;">
<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
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<div><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">
&#xA0;</font><font style="text-align: left; width: 5%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: right; width: 75%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: left; width: 10%; font-family: Times New Roman; font-size: 13px; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The following item had a significant impact on the Company&#x2019;s
net income (loss):</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-size: 13px;">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
In August 2015, the Company sold its remaining farm portfolio. The
Company recognized a loss of $22.1 million.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><br></font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-22</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 9&#xA0;&#x2013; Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
There were no changes in or disagreements with accountants on
accounting and financial disclosures.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 9A&#xA0;&#x2013; Controls and Procedures</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="width: 48px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">
<font style="color: rgb(0, 0, 0);">(a)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic;">
Evaluation of Disclosure Controls and Procedures</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
We maintain disclosure controls and procedures (as such term is
defined in Rule 13a-15(e) of the Exchange Act) 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 SEC&#x2019;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 August 31, 2016, 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&#x2019;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>
<div style="padding-bottom: 13.3px; display: table;">
<div style="display: table-row;">
<div style="width: 48px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">
<font style="color: rgb(0, 0, 0);">(b)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic;">
Management&#x2019;s Report on Internal Control Over Financial
Reporting</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Management is responsible for establishing and maintaining adequate
internal control over financial reporting as defined in Rule
13a-15(f) under the Exchange Act. The Exchange Act defines internal
control over financial reporting as a process designed by, or under
the supervision of, our executive and principal financial officers
and effected by our board of directors, management and other
personnel, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with GAAP and
includes those policies and procedures that:</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions of
our assets;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with GAAP, and that our receipts and expenditures are
being made only in accordance with authorizations of our management
and our directors; and</font></div>
</div>
</div>
<div style="padding-bottom: 13.3px; margin-left: 24px; display: table;">
<div style="display: table-row;">
<div style="text-align: left; width: 24px; display: table-cell;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of our
assets that could have a material effect on the financial
statements.</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
All internal control systems, no matter how well designed, have
inherent limitations. Therefore, even those systems determined to
be effective can provide only reasonable assurance with respect to
financial statement preparation and presentation. Also, projections
of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in
conditions or that the degree of compliance with the policies or
procedures may deteriorate.</font></div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Management assessed the effectiveness of our internal control over
financial reporting as of August 31, 2016. In making this
assessment, we used the criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission
(&#x201C;COSO&#x201D;) in Internal Control&#xA0;&#x2013; Integrated
Framework (&#x201C;2013 COSO Framework&#x201D;). Based on our
assessment, we determined that, as of August 31, 2016, our internal
control over financial reporting was effective based on those
criteria.</font></div>
<div style="padding-bottom: 13.3px; display: table;">
<div style="display: table-row;">
<div style="width: 48px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman;">(c)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman;">R</font><font style="color: rgb(0, 0, 0);">eport
of the Independent Registered Public Accounting
Firm</font></font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 36px; padding-bottom: 13.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The effectiveness of our internal control over financial reporting
as of August 31, 2016, has been audited by GHP Horwath, P.C., an
independent registered public accounting firm, as stated in its
attestation report which is included in &#x201C;Item&#xA0;8.
Consolidated Financial Statements and Supplementary Data&#x201D; of
this Annual Report on Form&#xA0;10-K.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">39</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="padding-top: 16px; padding-bottom: 13.3px; display: table;">
<div style="display: table-row;">
<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">
<font style="color: rgb(0, 0, 0);">(d)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-style: italic;">
Changes in Internal Controls</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
No changes were made to our internal control over financial
reporting during our most recently completed fiscal quarter that
have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 9B&#xA0;&#x2013; Other Information</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
None.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
PART III</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 10&#xA0;&#x2013; Directors, Executive Officers and Corporate
Governance</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Our board of directors has adopted a Code of
Business Conduct and Ethics applicable to all of our directors,
officers and employees, which is available on our website at</font>
<font style="color: rgb(0, 0, 0); text-decoration: underline;">www.purecyclewater.com</font><font style="color: rgb(0, 0, 0);">.
We intend to disclose any amendments to or waivers from the
provisions of our Code of Business Conduct and Ethics that are
applicable to our principal executive officer, principal financial
officer or principal accounting officer and that relate to any
element of the SEC&#x2019;s definition of code of ethics by posting
such information on our website, in a press release, or on a
Current Report on Form 8-K.</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">Information required by this item will be
contained in, and is incorporated herein by reference to, our
definitive Proxy Statement pursuant to Regulation 14A promulgated
under the Exchange Act for the Annual Meeting of Shareholders to be
held in January 2017, which is expected to be filed on or about
December</font> 5, <font style="color: rgb(0, 0, 0);">2016 (the
&#x201C;Proxy Statement&#x201D;).</font></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 11&#xA0;&#x2013; Executive Compensation</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The information required by this item will be included in, and is
incorporated herein by reference to, our Proxy
Statement.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 12&#xA0;&#x2013; Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The information required by this item will be included in, and is
incorporated herein by reference to, our Proxy
Statement.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 13&#xA0;&#x2013; Certain Relationships and Related Transactions
and Director Independence</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The information required by this item will be included in, and is
incorporated herein by reference to, our Proxy
Statement.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 14&#xA0;&#x2013; Principal Accounting Fees and
Services</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The information required by this item will be included in, and is
incorporated herein by reference to, our Proxy
Statement.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">40</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
PART IV</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold; text-decoration: underline;">
Item 15&#xA0;&#x2013; Exhibits and Financial Statement
Schedules</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px;">
<tr>
<td style="width: 11%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
(a)</font></div>
</td>
<td style="width: 89%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Documents filed as part of this Form 10-K</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 11%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;&#xA0;&#xA0;(1)</font></div>
</td>
<td style="width: 89%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Financial Statements</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
See &#x201C;Index to Consolidated Financial Statements and
Supplementary Data&#x201D; in Part II, Item 8 of this Form
10-K.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 11%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;&#xA0;&#xA0;(2)</font></div>
</td>
<td style="width: 89%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Financial Statement Schedules</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
All schedules are omitted either because they are not required or
the required information is shown in the consolidated financial
statements or notes thereto.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 11%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;&#xA0;&#xA0;(3)</font></div>
</td>
<td style="width: 89%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Exhibits</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
The exhibits listed on the accompanying &#x201C;Exhibit Index&#x201D;
are filed or incorporated by reference as part of this Form 10-K,
unless otherwise indicated.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">41</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; text-indent: 0px; padding-bottom: 16px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
SIGNATURES</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
PURE CYCLE CORPORATION</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">By:</font>&#xA0; <font style="color: rgb(0, 0, 0); text-decoration: underline;">/s/ Mark W.
Harding</font></font></div>
<div style="text-align: justify; text-indent: 24px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Mark W. Harding, President and Chief Financial Officer</font></div>
<div style="text-align: justify; text-indent: 24px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
October 27, 2016</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates
indicated.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px;">
<tr>
<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Signature</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Title</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Date</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
/s/ Mark W. Harding</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
President,</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Chief Financial Officer and Director</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
October 27, 2016</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Mark W. Harding</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
(Principal Executive Officer, Principal Financial and Accounting
Officer)</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
/s/ Harrison H. Augur</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Harrison H. Augur</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Chairman, Director</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
October 27, 2016</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
/s/ Patrick J. Beirne</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Patrick J. Beirne</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Director</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
October 27, 2016</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
/s/ Arthur G. Epker III</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Arthur G. Epker III</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Director</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
October 27, 2016</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
/s/ Richard L. Guido</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Richard L. Guido</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 39%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Director</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 23%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
October 27, 2016</font></div>
</td>
</tr><tr>
<td style="width: 32%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
/s/ Peter C. Howell</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Peter C. Howell</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Director</font></div>
</td>
<td style="width: 3%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
October 27, 2016</font></div>
</td>
</tr></table>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">42</font></div>
</div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px; font-weight: bold;">
EXHIBIT INDEX</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="">
<td rowspan="1" style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Exhibit Number</font></div>
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</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td rowspan="1" style="width: 88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Description</font></div>
<div style="text-align: left; width: 100%; text-indent: 0px; padding-bottom: 2px; margin-right: 0px; margin-left: 0px;">
<!--rule below paragraph--></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">3.1</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Articles of Incorporation of the Company. Incorporated by reference
to Appendix B to the Proxy Statement on Schedule 14A filed on
December 14, 2007.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: bottom;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">3.2</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Bylaws of the Company. Incorporated by reference to Appendix C to
the Proxy Statement on Schedule 14A filed on December 14,
2007.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: bottom;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">4.1</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Specimen Stock Certificate. Incorporated by reference to Exhibit
4.1 to Quarterly Report on Form&#xA0;10-Q for the fiscal quarter
ended February 28, 2015.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.1</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
<font style="text-decoration: underline;">2</font>004 Incentive
Plan, effective April 12, 2004. Incorporated by reference to
Exhibit F to the Proxy Statement for the Annual Meeting held on
April 12, 2004. **</font></div>
</td>
</tr><tr style="">
<td style="width: 12%;">
<div><font>&#xA0;</font></div>
</td>
<td colspan="2" style="width: 89%; vertical-align: bottom;">
<div style="margin-left: 132px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.2</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Wastewater Service Agreement, dated January 22, 1997, by and
between the Company and the Rangeview Metropolitan District.
Incorporated by reference to Exhibit 10.3 to the Annual Report on
Form 10-KSB for the fiscal year ended August 31, 1998.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.3</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Comprehensive Amendment Agreement No. 1, dated April 11, 1996, by
and among Inco Securities Corporation, the Company, the
Bondholders, Gregory M. Morey, Newell Augur, Jr., Bill Peterson,
Stuart Sundlun, Alan C. Stormo, Beverlee A. Beardslee, Bradley Kent
Beardslee, Robert Douglas Beardslee, Asra Corporation,
International Properties, Inc., and the Land Board. Incorporated by
reference to Exhibit 10.7 to the Quarterly Report on Form 10-QSB
for the period ended May 31, 1996.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.4</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Agreement for Sale of Export Water dated April 11, 1996 by and
between the Company and the District. Incorporated by reference to
Exhibit 10.3 to the Quarterly Report on Form 10-QSB for the fiscal
quarter ended May 31, 1996.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.5</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Bargain and Sale Deed among the Land Board, the District and the
Company dated April 11, 1996. Incorporated by reference to Exhibit
10.18 to Amendment No. 1 to Registration Statement on Form SB-2,
filed on June 7, 2004, Registration No. 333-114568.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.6</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Agreement for Water Service dated August 3, 2005 among the Company,
Rangeview Metropolitan District and Arapahoe County incorporated by
reference to Exhibit 10.24 to the Current Report on Form 8-K filed
on August 4, 2005.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.7</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Amendment No. 1 to Agreement for Water Service dated August 25,
2008, between the Company and Arapahoe County. Incorporated by
reference to Exhibit 10.36 to the Annual Report on Form 10-K for
the fiscal year ended August 31, 2008.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.8</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Paid-Up Oil and Gas Lease dated March 14, 2011, between the Company
and Anadarko E&amp;P Company, L.P. Incorporated by reference to
Exhibit 10.1 to the Current Report on Form 8-K filed on March 15,
2011.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.9</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Surface Use and Damage Agreement dated March 14, 2011, between the
Company and Anadarko E&amp;P Company, L.P. Incorporated by
reference to Exhibit 10.2 to the Current Report on Form 8-K filed
on March 15, 2011.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.10</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2014 Equity Incentive Plan, effective April&#xA0;12, 2014.
Incorporated by reference to Exhibit A to the Proxy Statement for
the Annual Meeting held on January 15, 2014. **</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.11</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2014 Amended and Restated Lease Agreement, dated July 10, 2014, by
and between the Land Board, the District, and the Company.
Incorporated by reference to Exhibit 10.2 to the Current Report on
Form 8-K filed on July 14, 2014.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">10.12</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
2014 Amended and Restated Service Agreement, dated July 10, 2014,
by and between the Company and the District. Incorporated by
reference to Exhibit 10.5 to the Current Report on Form 8-K filed
on July 14, 2014.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.13</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Business Loan
Agreement dated October 27, 2014, between the Company and The First
National Bank of Las Animas. Incorporated by reference to Exhibit
10.1 to the Current Report on Form 8-K filed on October 29,
2014.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.14</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Commercial Pledge
Agreement, dated October 27, 2014, between the Company and The
First National Bank of Las Animas. Incorporated by reference to
Exhibit 10.2 to the Current Report on Form 8-K filed on October 29,
2014.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.15</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Rangeview/Pure
Cycle WISE Project Financing Agreement, effective as of December
22, 2014. Incorporated by reference to Exhibit 10.1 to the Current
Report on Form 8-K filed on December 30, 2014.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.16</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">South
Metro WISE Authority Formation and Organizational Intergovernmental
Agreement, dated December 31, 2013. Incorporated by reference to
Exhibit 10.2 to Quarterly Report on Form 10-Q for the fiscal
quarter ended November 30, 2014.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.17</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Amended and
Restated WISE Partnership &#x2013; Water Delivery Agreement, dated
December 31, 2013, among the City and County of Denver acting
through its Board of Water Commissioners, the City of Aurora acting
by and through its Utility Enterprise, and South Metro WISE
Authority. Incorporated by reference to Exhibit 10.3 to Quarterly
Report on Form 10-Q for the fiscal quarter ended November 30,
2014.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.18</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Agreement for
Purchase and Sale of Western Pipeline Capacity, dated November 19,
2014, among the Rangeview Metropolitan District and certain members
of the South Metro WISE Authority. Incorporated by reference to
Exhibit 10.4 to Quarterly Report on Form 10-Q for the fiscal
quarter ended November 30, 2014.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.19</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Settlement
Agreement and Mutual Release, dated January 29, 2015, by and
between HP A&amp;M, the Company and PCY Holdings. Incorporated by
reference to Exhibit 10.1 to the Current Report on Form 8-K filed
on February 3, 2015.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.20</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Purchase and Sale
Agreement among the Company, PCY Holdings and Arkansas River Farms,
LLC, dated March 11, 2015. Incorporated by reference to Exhibit
10.1 to the Current Report on Form 8-K filed on March 17,
2015.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.21</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">First
Amendment to Purchase and Sale Agreement among the Company, PCY
Holdings and Arkansas River Farms, dated March 31, 2015.
Incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K filed on May 21, 2015.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.22</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Second
Amendment to Purchase and Sale Agreement among the Company, PCY
Holdings and Arkansas River Farms, dated May 18, 2015. Incorporated
by reference to Exhibit 10.2 to the Current Report on Form 8-K
filed on May 21, 2015.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.23</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Third
Amendment to Purchase and Sale Agreement among the Company, PCY
Holdings and Arkansas River Farms, dated June 18, 2015.
Incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K filed on June 19, 2015</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px;">10.24</font><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Fourth
Amendment to Purchase and Sale Agreement among the Company, PCY
Holdings and Arkansas River Farms, dated July 2, 2015. Incorporated
by reference to Exhibit 10.4 to Quarterly Report on Form 10-Q for
the fiscal quarter ended May 31, 2015.</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: bottom;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">21.1</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Subsidiaries</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: bottom;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font> <font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">23.1</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">Consent
of GHP Horwath, P.C. *</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: bottom;">
<div><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">31.1</font><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: bottom;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Certification under Section 302 of the Sarbanes-Oxley Act of 2002.
*</font></div>
</td>
</tr><tr style="">
<td style="width: 12%; vertical-align: bottom;">
<div style="margin-left: 0px;"><font style="text-align: left; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; display: inline-block;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
&#xA0;<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">32.1</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
101.INS</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
101.SCH</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
101.CAL</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
101.DEF</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
101.LAB</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
101.PRE</font></div>
</font><font style="text-align: left; vertical-align: bottom; display: inline-block;">&#xA0;</font></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 88%; vertical-align: top;">
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
***</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
XBRL Instance Document. *</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
XBRL Taxonomy Extension Schema Document. *</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
XBRL Taxonomy Extension Calculation Linkbase Document.
*</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
XBRL Taxonomy Extension Definition Linkbase Document.
*</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
XBRL Taxonomy Extension Label Linkbase Document. *</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
XBRL Taxonomy Extension Presentation Linkbase Document.
*</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 5.3px; margin-right: 0px; margin-left: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
_______________________________</font></div>
<div style="padding-bottom: 8px; display: table;">
<div style="display: table-row;">
<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">*</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Filed herewith</font></div>
</div>
</div>
<div style="padding-bottom: 8px; display: table;">
<div style="display: table-row;">
<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">**</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Indicates management contract or compensatory plan or arrangement
in which directors or executive officers are eligible to
participate.</font></div>
</div>
</div>
<div style="padding-bottom: 8px; display: table;">
<div style="display: table-row;">
<div style="width: 36px; display: table-cell;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="color: rgb(0, 0, 0);">***</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Furnished herewith</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<br></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>2
<FILENAME>exh21_1.htm
<DESCRIPTION>SUBSIDIARIES OF THE REGISTRANT
<TEXT>
<html>

<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2016 Issuer Direct Corporation -->
<title>&#xA0;</title>
</head>
<body><div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"><div id="hdr"><div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; width: 100%; height: 10px; background-color: #ffffff; margin-bottom: 6px"><font>&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold"><a name="EXHIBIT21.1">&#xA0;</a>EXHIBIT 21.1</font></div>

<div style="text-align: left; line-height: 15pxpx; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; line-height: 15pxpx; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font><br>
&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.3; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">
SUBSIDIARIES</font></div>
<div style="text-align: left; line-height: 17pxpx; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.3; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">
PCY Holdings, LLC, a Colorado limited liability company</font></div>
<div style="text-align: justify; line-height: 1.3; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">
PCY-DT, LLC, a Colorado limited liability company</font></div>
<div style="text-align: justify; line-height: 1.3; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">
&#xA0;</font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; width: 100%; height: 10px; background-color: #ffffff; margin-bottom: 6px"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px"><div id="hdr"><div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div></div></div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>exh23_1.htm
<DESCRIPTION>CONSENTS OF EXPERTS AND COUNSEL
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2016 Issuer Direct Corporation -->
<title>&#xA0;</title>
</head>
<body>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font>&#xA0;</font></div>
<div style="text-align: right; color: rgb(0, 0, 0); line-height: 1.15; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
<a name="EXHIBIT23.1">&#xA0;</a>EXHIBIT
23.1</font></div>
<div style="text-align: right; color: rgb(0, 0, 0); line-height: 1.15; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font>&#xA0;</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font>&#xA0;</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">We
consent to the incorporation by reference in the Registration
Statements on Form S-8 (No. 333-115240) and Form S-8 (No.
333-195733) of Pure Cycle Corporation of our report dated
October&#xA0;27, 2016, related to the financial statements and
internal control over financial reporting of Pure Cycle Corporation
(which expresses an unqualified opinion), which appears on page F-1
of this annual report on Form 10-K for the year ended August 31,
2016.</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">/s/
GHP HORWATH, P.C.</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Denver,
Colorado</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">October 27,
2016</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; color: rgb(0, 0, 0); line-height: 1.3; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
</div>
<div style="text-align: center; width: 100%; height: 10px; margin-right: 0px; margin-bottom: 6px; margin-left: 0px; background-color: rgb(255, 255, 255);">
<font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>exh31_1.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2016 Issuer Direct Corporation -->
<title>&#xA0;</title>
</head>
<body>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; width: 100%; height: 10px; background-color: #ffffff; margin-bottom: 6px"><font>&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold"><a name="EXHIBIT31.1">&#xA0;</a>EXHIBIT 31.1</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold">&#xA0;</font></div>
<div style="text-align: left; line-height: 15pxpx; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CERTIFICATION
PURSUANT TO SECTION&#xA0;302 OF THE SARBANES-OXLEY ACT
OF&#xA0;2002</font></div>
<div style="text-align: left; line-height: 15pxpx; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">I, Mark W. Harding,
certify that:</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="b7efcc8a60f6467da310bebe61287b39" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">1.</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">I have reviewed
this Annual Report on Form 10-K of Pure Cycle
Corporation;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="296f377129474cdb921800f96c8a49a8" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">2.</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Based on my
knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period
covered by this report;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="1f8975e9e430485f8d1034c056f9f690" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">3.</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Based on my
knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in
this report;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="bb1b864d7ef44cf38b817c0601ad9452" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">4.</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">I am responsible
for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and
have:</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="6599a5909d7b4f1caeb991e8a6454233" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</td>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(a)</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Designed such
disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under my supervision, to
ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to me by
others within those entities, particularly during the period in
which this report is being prepared;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="4f91edf32bda42bba0d34a13e779cdfa" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</td>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(b)</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Designed such
internal control over financial reporting, or caused such internal
control over financial reporting to be designed under my
supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
accepted accounting principles;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="86688ac8a67c4b5f8bfd969f39fdea23" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</td>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(c)</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Evaluated the
effectiveness of the registrant's disclosure controls and
procedures and presented in this report my conclusions about the
effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such
evaluation;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="084f82e4501d41dfb0214b163c35771e" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</td>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(d)</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Disclosed in this
report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most
recent fiscal quarter (the registrant's fourth fiscal quarter in
the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="ef9e862a60724259802d827478efefb2" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">5.</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">I have disclosed,
based on my most recent evaluation of internal control over
financial reporting, to the registrant's auditors and the audit
committee of the registrant's board of directors (or persons
performing the equivalent functions):</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="5a3a9164862149a4bde0a377ce4a682c" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</td>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(a)</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">All significant
deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record,
process, summarize and report financial information;
and</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" id="d46d20ebb85e417ba7551942fa182bb1" style="text-align: justify; width: 100%; font-size: 13px; font-family: Times New Roman">
<tr>
<td style="width: 24px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
</td>
<td style="width: 24px; color: #000000; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">(b)</font></div>
</td>
<td style="width: auto; color: #000000; vertical-align: top">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Any fraud, whether
or not material, that involves management or other employees who
have a significant role in the registrant's internal control over
financial reporting.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; line-height: 15px; margin-left: 24px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 24px; margin-right: 0px; text-indent: -24px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">Dated: October 27,
2016</font></div>
<div style="text-align: left; line-height: 15pxpx; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; line-height: 15pxpx; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">/s/ Mark W.
Harding&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">Mark W.
Harding</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">Principal Executive
Officer and Principal Financial Officer</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; width: 100%; height: 10px; background-color: #ffffff; margin-bottom: 6px"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>exh32_1.htm
<DESCRIPTION>CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2016 Issuer Direct Corporation -->
<title>&#xA0;</title>
</head>
<body>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; width: 100%; height: 10px; background-color: #ffffff; margin-bottom: 6px"><font>&#xA0;</font></div>
<div id="DSPFPageHeader" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"></div>
<div style="text-align: right; line-height: 15px; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font><a name="EXHIBIT32.1">&#xA0;</a>EXHIBIT 32.1</font></div>
<div style="text-align: right; line-height: 15px; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: right; line-height: 15px; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,<br>
AS ADOPTED PURSUANT TO<br>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman"><br>
I, Mark W. Harding, the Chief Executive Officer and Chief Financial
Officer of Pure Cycle Corporation (the "Company"), hereby certify,
pursuant to 18 U.S.C. &#xA7; 1350, as adopted pursuant to &#xA7;
906 of the Sarbanes-Oxley Act of 2002, that:</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 24px; margin-right: 0px; text-indent: -24px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">(1) The Form 10-K
of the Company for the fiscal year ended August 31, 2016, as filed
with the Securities and Exchange Commission on the date hereof (the
"Report"), fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 24px; margin-right: 0px; text-indent: -24px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 24px; margin-right: 0px; text-indent: -24px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">(2) The information
contained in the Report fairly presents, in all material respects,
the financial condition and result of operations of the
Company.</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman"><font style="text-decoration: underline">/s/ Mark W.
Harding&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">Mark W.
Harding</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">Principal Executive
Officer and Principal Financial Officer</font></div>
<div style="text-align: justify; line-height: 1.15; margin-left: 0px; margin-right: 0px; text-indent: 0px; color: #000000"><font style="font-size: 13px; font-family: Times New Roman">October 27,
2016</font></div>
<div style="text-align: left; line-height: 15pxpx; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: left; line-height: 15pxpx; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; width: 100%; height: 10px; background-color: #ffffff; margin-bottom: 6px"><font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>logo.jpg
<DESCRIPTION>IMAGE
<TEXT>
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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(194,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Fairgrounds water and water system&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,899,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(886,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,899,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(798,700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Rangeview water system&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,624,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(152,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,256,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(110,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Water supply &amp;#150; other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,703,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(297,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,649,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(193,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Construction in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;723,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;323,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Totals&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,003,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,681,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;29,014,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,306,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Net investments in water and water systems&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;28,321,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;27,708,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Depletion and Depreciation&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded $500, $7,000, and $4,400&#13;of depletion charges during the fiscal years ended August 31, 2016, 2015 and 2014, respectively. During the fiscal year ended August&#13;31, 2016, this related entirely to the Rangeview Water Supply (defined below), and during the fiscal years ended August 31, 2015&#13;and 2014, this related to the Rangeview Water Supply and the Sky Ranch water supply (discussed below).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded $419,600, $340,300 and&#13;$192,200 of depreciation expense in each of the fiscal years ended August 31, 2016, 2015 and 2014, respectively. These figures&#13;include depreciation for other equipment not included in the table above.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Rangeview Water Supply and Water System&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The &amp;#147;Rangeview Water Supply&amp;#148; consists&#13;of 22,985 acre feet and is a combination of tributary surface water and groundwater rights along with certain storage rights associated&#13;with the Lowry Range, a 27,000-acre property owned by the Land Board located 16 miles southeast of Denver, Colorado. Approximately&#13;$14.4 million of Investments in Water and Water Systems on the Company&amp;#146;s balance sheet as of August 31, 2016, represents&#13;the costs of assets acquired or facilities constructed to extend water service to customers located on and off the Lowry Range.&#13;The recorded costs of the Rangeview Water Supply include payments to the sellers of the Rangeview Water Supply, design and construction&#13;costs and certain direct costs related to improvements to the asset including legal and engineering fees.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company acquired the Rangeview Water Supply&#13;beginning in 1996 when:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 36px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The District entered into the 1996 Amended and Restated Lease Agreement with the Land Board, which owns the Lowry Range;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 36px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company entered into the Agreement for Sale of Export Water with the District;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 36px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(iii)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company entered into the 1996 Service Agreement with the District for the provision of water service to the Lowry Range; and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 36px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(iv)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;In 1997, the Company entered into the Wastewater Service Agreement with the District for the provision of wastewater service to the District&amp;#146;s service area.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In July 2014, the Company, the District and&#13;the Land Board entered into the 2014 Amended and Restated Lease (the &amp;#147;Lease&amp;#148;), which superseded the original 1996 lease,&#13;and the Company and the District entered into an Amended and Restated Service Agreement. Collectively, the foregoing agreements,&#13;as amended, are referred to as the &amp;#147;Rangeview Water Agreements.&amp;#148;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Pursuant to the Rangeview Water Agreements,&#13;the Company owns 11,650 acre feet of water consisting of 10,000 acre feet of groundwater and 1,650 acre feet of average yield surface&#13;water which can be exported off the Lowry Range to serve area users (referred to as &amp;#147;Export Water&amp;#148;). The 1,650 acre&#13;feet of surface rights are subject to completion of documentation by the Land Board related to the Company&amp;#146;s exercise of&#13;its right to substitute an aggregate gross volume of 165,000 acre feet of its groundwater for 1,650 acre feet per year of adjudicated&#13;surface water and to use this surface water as Export Water. Additionally, assuming completion of the substitution of groundwater&#13;for surface water, the Company has the exclusive right to provide water and wastewater service, through 2081, to all water users&#13;on the Lowry Range and the right to develop an additional 12,035 acre feet of groundwater and 1,650 acre feet of adjudicated surface&#13;water to serve customers either on or off the Lowry Range. The Rangeview Water Agreements also provide for the Company to use surface&#13;reservoir storage capacity in providing water service to customers both on and off the Lowry Range.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Services on the Lowry Range &amp;#150;&lt;/i&gt;&lt;/b&gt;&#13;Pursuant to the Rangeview Water Agreements, the Company designs, finances, constructs, operates and maintains the District&amp;#146;s&#13;water and wastewater systems to provide service to the District&amp;#146;s customers on the Lowry Range. The Company will operate&#13;both the water and the wastewater systems during the contract period, and the District owns both systems. After 2081, ownership&#13;of the water system will revert to the Land Board, with the District retaining ownership of the wastewater system.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Rates and charges for all water and wastewater&#13;services on the Lowry Range, including tap fees and usage or monthly fees, are governed by the terms of the Rangeview Water Agreements.&#13;Rates and charges are required to be less than the average of similar rates and charges of three surrounding municipal water and&#13;wastewater service providers, which are reassessed annually. Pursuant to the Rangeview Water Agreements the Land Board receives&#13;a royalty of 10% or 12% of gross revenues from the sale or disposition of the water depending on the purchaser of the water, except&#13;that the royalty on tap fees shall be 2% (other than taps sold for Sky Ranch which are exempt). The Company also is required to&#13;pay the Land Board a minimum annual water production fee, which will offset future royalty obligations. The Company and the Land&#13;Board are working cooperatively to clarify the calculation of the minimum annual production fee. Pursuant to the Company&amp;#146;s&#13;determination, the Company has made payments of $45,600 for each of the past two years. The Company does not anticipate any modification&#13;to the minimum fee to be material.&amp;#160;The District retains 2% of the remaining gross revenues and the Company receives 98% of&#13;the remaining gross revenues after the Land Board royalty. The Land Board does not receive a royalty on wastewater fees. The Company&#13;receives 100% of the District&amp;#146;s wastewater tap fees and 90% of the District&amp;#146;s wastewater usage fees (the District retains&#13;the other 10%).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Export Water &amp;#150;&lt;/i&gt;&lt;/b&gt; The Company&#13;owns the Export Water and intends to use it to provide water and wastewater services to customers off the Lowry Range. The Company&#13;will own all wholesale facilities required to extend water and wastewater services using its Export Water. The Company anticipates&#13;contracting with third parties for the construction of these facilities. If the Company sells water, the Company is required to&#13;pay royalties to the Land Board ranging from 10% to 12% of gross revenues.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;The Arapahoe County Fairgrounds Water&#13;and Water System&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company owns 321 acre feet of groundwater&#13;purchased pursuant to its agreement with Arapahoe County. The Company plans to use this water in conjunction with its Rangeview&#13;Water Rights in providing water to areas outside the Lowry Range. The $2.9 million of capitalized costs includes the costs to construct&#13;various Wholesale and Special Facilities, including a new deep water well, a 500,000-gallon water tank and pipelines to transport&#13;water to the Arapahoe County fairgrounds.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Sky Ranch&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2010, the Company purchased approximately&#13;931 acres of undeveloped land known as Sky Ranch. The property includes the rights to approximately 830 acre feet of water.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Total consideration for the land and water included&#13;the $7.0 million purchase price, plus direct costs and fees of $554,100. The Company allocated the total acquisition cost to the&#13;land and water rights based on estimates of each asset&amp;#146;s respective fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;O&amp;#38;G Lease&lt;/i&gt;&lt;/b&gt; &lt;b&gt;&amp;#150;&lt;/b&gt; On&#13;March 10, 2011, the Company entered into the O&amp;#38;G Lease and the Surface Use Agreement with Anadarko. Pursuant to the O&amp;#38;G&#13;Lease, the Company received an up-front payment of $1,243,400 from Anadarko for the purpose of exploring for, developing, producing&#13;and marketing oil and gas on 634 acres of mineral estate owned by the Company at its Sky Ranch property. The Company also received&#13;$9,000 in surface use and damage payments. In December 2012, the O&amp;#38;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips&#13;Company. The Company received an additional payment of $1,243,400 during February 2014 to extend the O&amp;#38;G Lease an additional&#13;two years through February 2016. The O&amp;#38;G Lease is now held by production entitling the Company to royalties based on production.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
    <pcyo:ParticipatingInterestsInExportWaterDisclosure contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company acquired its Rangeview Water Supply&#13;through various amended agreements entered into in the early 1990s. The acquisition was consummated with the signing of the CAA&#13;in 1996. Upon entering into the CAA, the Company recorded an initial liability of $11.1 million, which represented the cash the&#13;Company received from the participating interest holders that was used to purchase the Company&amp;#146;s Export Water (described&#13;in greater detail in Note 4 &amp;#150; &lt;i&gt;Water and Land Assets&lt;/i&gt;). The Company agreed to remit a total of $31.8 million of proceeds&#13;received from the sale of Export Water to the participating interest holders in return for their initial $11.1 million investment.&#13;The obligation for the $11.1 million was recorded as debt, and the remaining $20.7 million contingent liability was not reflected&#13;on the Company&amp;#146;s balance sheet because the obligation to pay this is contingent on the sale of Export Water, the amounts&#13;and timing of which are not reasonably determinable.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The CAA obligation is non-interest bearing,&#13;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&#13;the Export Water, the holders of the Series B Preferred Stock are also not entitled to payment of any dividend and have no contractual&#13;recourse against the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As the proceeds from the sale of Export Water&#13;are received and the amounts are remitted to the external CAA holders, the Company allocates a ratable percentage of this payment&#13;to the principal portion (the Participating Interests in Export Water Supply&lt;i&gt;&amp;#160;&lt;/i&gt;liability account), with the balance of&#13;the payment being charged to the contingent obligation portion. Because the original recorded liability, which was $11.1 million,&#13;was 35% of the original total liability of $31.8 million, approximately 35% of each payment remitted to the CAA holders is allocated&#13;to the recorded liability account. The remaining portion of each payment, or approximately 65%, is allocated to the contingent&#13;obligation, which is recorded on a net revenue basis.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;From time to time, the Company repurchased various&#13;portions of the CAA obligations, which retained their original priority. The Company did not make any CAA acquisitions during the&#13;fiscal years ended August 31, 2016 or 2015. In July 2014, the Land Board relinquished its approximately $2.4 million of CAA interests&#13;to the Company as part of a settlement of the 2011 lawsuit filed by the Company and the District against the Land Board.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As a result of the acquisitions, the relinquishment&#13;by the Land Board, and the sale of Export Water, as detailed in the table below, the remaining potential third-party obligation&#13;at August 31, 2016, is approximately $1 million:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Export Water Proceeds Received&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Initial Export Water Proceeds to Pure Cycle&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Total Potential Third-party Obligation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Participating Interests Liability&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Contingency&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 50%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Original balances&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;218,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;31,807,700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;11,090,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;20,717,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&lt;i&gt;Activity from inception until August 31, 2014:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#160; Acquisitions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;30,428,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(30,428,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(10,622,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(19,806,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#160; Option payments - Sky Ranch&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#160; and The Hills at Sky Ranch&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;110,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(42,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(68,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(23,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(44,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#160; Arapahoe County tap fees (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;533,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(373,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(159,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(55,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(104,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#160; Export Water sale payments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;361,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(262,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(98,700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(34,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(64,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Balance at August 31, 2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;1,004,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;29,969,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;1,052,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;354,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#160; Export Water sale payments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;207,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(183,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(24,700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(8,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(16,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Balance at August 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;1,212,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;29,786,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;1,027,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;346,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;681,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&lt;i&gt;Fiscal 2016 activity:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#160; Export Water sale payments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;49,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(43,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(5,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(2,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(3,900&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Arapahoe County tap fees are less $34,522 in royalties paid to the Land Board.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The CAA includes contractually established priorities&#13;which call for payments to CAA holders in order of their priority. This means the first payees receive their full payment before&#13;the next priority level receives any payment and so on until full repayment. The Company will receive approximately $6 million&#13;of the first priority payout (the remaining entire first priority payout totals approximately $6.8 million as of August 31, 2016).&lt;/p&gt;</pcyo:ParticipatingInterestsInExportWaterDisclosure>
    <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;At August 31, 2016, the Company had accrued&#13;liabilities of $242,600, of which $160,000 was for accrued compensation, $5,700 was for estimated property taxes, $48,000 was for&#13;professional fees and the remaining $28,900 was related to operating payables.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;At August 31, 2015, the Company had accrued&#13;liabilities of $499,800, of which $400,000 was for accrued compensation, $4,800 was for estimated property taxes, $52,500 was for&#13;professional fees and the remaining $42,500 was related to operating payables.&lt;/p&gt;</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
    <us-gaap:DebtAndCapitalLeasesDisclosuresTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of August 31, 2016 and 2015, the Company&#13;had no debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Participating Interests in Export Water&#13;Supply are obligations of the Company that have no scheduled maturity dates. Therefore, these liabilities are not disclosed in&#13;tabular format. However, the Participating Interests in Export Water Supply are described in Note 5&amp;#160;&amp;#150; &lt;i&gt;Participating&#13;Interests in Export Water&lt;/i&gt;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;u&gt;WISE Partnership&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;During December 2014, the Company, through the&#13;District, consented to the waiver of all contingencies set forth in the Amended and Restated WISE Partnership &amp;#150; Water Delivery&#13;Agreement, dated December 31, 2013 (the &amp;#147;WISE Partnership Agreement&amp;#148;), among the City and County of Denver acting through&#13;its Board of Water Commissioners (&amp;#147;Denver Water&amp;#148;), the City of Aurora acting by and through its Utility Enterprise&#13;(&amp;#147;Aurora Water&amp;#148;), and the South Metro WISE Authority (&amp;#147;SMWA&amp;#148;). The SMWA was formed by the District and&#13;nine other governmental or quasi-governmental water providers pursuant to the South Metro WISE Authority Formation and Organizational&#13;Intergovernmental Agreement, dated December 31, 2013 (the &amp;#147;SM IGA&amp;#148;), to enable the members of SMWA to participate in&#13;the regional water supply project known as the Water Infrastructure Supply Efficiency partnership (&amp;#147;WISE&amp;#148;) created&#13;by the WISE Partnership Agreement. The SM IGA specifies each member&amp;#146;s pro rata share of WISE and the members&amp;#146; rights&#13;and obligations with respect to WISE. The WISE Partnership Agreement provides for the purchase of certain infrastructure (i.e.,&#13;pipelines, water storage facilities, water treatment facilities, and other appurtenant facilities) to deliver water to and among&#13;the 10 members of the SMWA, Denver Water and Aurora Water. Certain infrastructure has been constructed and other infrastructure&#13;will be constructed over the next several years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;By consenting to the waiver of the contingencies&#13;set forth in the WISE Partnership Agreement, pursuant to the terms of the Rangeview/Pure Cycle WISE Project Financing Agreement&#13;(the &amp;#147;WISE Financing Agreement&amp;#148;) between the Company and the District, the Company has an agreement to fund the District&amp;#146;s&#13;participation in WISE effective as of December 22, 2014. The Company&amp;#146;s cost of funding the District&amp;#146;s purchase of its&#13;share of existing infrastructure and future infrastructure for WISE and funding operations and water deliveries related to WISE&#13;is projected to be approximately $5.6 million over the next five years. See further discussion in Note 14 &lt;b&gt;&amp;#150;&lt;/b&gt; &lt;i&gt;Related&#13;Party Transactions.&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Operating Lease&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Effective January 2016, the Company entered&#13;into an operating lease for approximately 2,500 square feet of office and warehouse space. The lease has a one-year term with payments&#13;of $3,000 per month.&lt;/p&gt;</us-gaap:DebtAndCapitalLeasesDisclosuresTextBlock>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Preferred Stock&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#146;s non-voting Series B Preferred&#13;Stock has a preference in liquidation of $1.00 per share less any dividends previously paid. Additionally, the Series B Preferred&#13;Stock is redeemable at the discretion of the Company for $1.00 per share less any dividends previously paid. In the event that&#13;the Company&amp;#146;s proceeds from sale or disposition of Export Water rights exceed $36,026,232, the Series B Preferred Stock holders&#13;will receive the next $432,513 of proceeds in the form of a dividend.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Equity Compensation Plan&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company maintains the 2014 Equity Incentive&#13;Plan (the &amp;#147;2014 Equity Plan&amp;#148;), which was approved by shareholders in January 2014 and became effective April 12, 2014.&#13;Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants pursuant&#13;to the 2014 Equity Plan. Pursuant to the 2014 Equity Plan, options to purchase shares of stock and restricted stock awards can&#13;be granted with exercise prices, vesting conditions and other performance criteria determined by the Compensation Committee of&#13;the Board. The Company has reserved 1.6 million shares of common stock for issuance under the 2014 Equity Plan. Awards to purchase&#13;62,000 shares of the Company&amp;#146;s common stock have been made under the 2014 Equity Plan. Prior to the effective date of the&#13;2014 Equity Plan, the Company granted stock awards to eligible participants under its 2004 Incentive Plan (the &amp;#147;2004 Incentive&#13;Plan&amp;#148;), which expired April 11, 2014. No additional awards may be granted pursuant to the 2004 Incentive Plan; however, awards&#13;outstanding as of April 11, 2014, will continue to vest and expire and may be exercised in accordance with the terms of the 2004&#13;Incentive Plan.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company estimates the fair value of share-based&#13;payment awards on the date of grant using the Black-Scholes option-pricing model (&amp;#147;Black-Scholes model&amp;#148;). Using the&#13;Black-Scholes model, the value of the portion of the award that is ultimately expected to vest is recognized as a period expense&#13;over the requisite service period in the statement of operations. Option forfeitures are to be estimated at the time of grant and&#13;revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company does not expect any&#13;forfeiture of its option grants and therefore the compensation expense has not been reduced for estimated forfeitures. During fiscal&#13;year 2015, 12,500 options expired and 16,500 were exercised. During fiscal year 2016, 10,000 options expired. The Company attributes&#13;the value of share-based compensation to expense using the straight-line single option method for all options granted.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#146;s determination of the estimated&#13;fair value of share-based payment awards on the date of grant is affected by the following variables and assumptions:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The grant date exercise price&amp;#160;&amp;#150; is the closing market price of the Company&amp;#146;s common stock on the date of grant;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Estimated option lives&amp;#160;&amp;#150; based on historical experience with existing option holders;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Estimated dividend rates&amp;#160;&amp;#150; based on historical and anticipated dividends over the life of the option;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Life of the option &amp;#150; based on historical experience option grants have lives between 8 and 10 years;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Risk-free interest rates&amp;#160;&amp;#150; with maturities that approximate the expected life of the options granted;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Calculated stock price volatility&amp;#160;&amp;#150; calculated over the expected life of the options granted, which is calculated based on the weekly closing price of the Company&amp;#146;s common stock over a period equal to the expected life of the option; and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Option&#13;    exercise behaviors&amp;#160;&amp;#150; based on actual and projected employee stock option exercises and forfeitures.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In January 2016, the Company granted its non-employee&#13;directors options to purchase a combined 36,000 shares of the Company&amp;#146;s common stock pursuant to the 2014 Equity Plan. Options&#13;for 26,000 shares vest one year after the date of grant, and options for 10,000 shares vest one-half one year after the date of&#13;grant and one-half two years after the date of grant. All of the options expire 10 years after the date of grant. The Company calculated&#13;the fair value of the options granted during January 2016 at approximately $104,100, using the Black Scholes model with the following&#13;variables: weighted average exercise price of $4.26 (which was the closing sales price of the Company&amp;#146;s common stock on the&#13;date of grant); estimated option lives of 10 years; weighted average risk free interest rate of 2.06%; weighted average stock price&#13;volatility of 58.26%; and an estimated forfeiture rate of 0%. The $104,100 of stock-based compensation is being expensed monthly&#13;over the vesting periods.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In January 2015, the Company granted its non-employee&#13;directors options to purchase a combined 26,000 shares of the Company&amp;#146;s common stock pursuant to the 2014 Equity Plan. The&#13;options vest one year after the date of grant and expire 10 years after the date of grant. The Company calculated the fair value&#13;of the options granted during January 2015 at approximately $72,000, using the Black Scholes model with the following variables:&#13;weighted average exercise price of $4.17 (which was the closing sales price of the Company&amp;#146;s common stock on the date of&#13;grant); estimated option lives of 10 years; weighted average risk free interest rate of 1.77%; weighted average stock price volatility&#13;of 57.45%; and an estimated forfeiture rate of 0%. The $72,000 of stock-based compensation is being expensed monthly over the vesting&#13;periods.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In January 2014, the Company granted its non-employee&#13;directors options to purchase a combined 32,500 shares of the Company&amp;#146;s common stock pursuant to the 2004 Incentive Plan.&#13;The options vest one year after the date of grant and expire 10 years after the date of grant. The Company calculated the fair&#13;value of these options at $132,900 using the Black-Scholes model with the following variables: weighted average exercise price&#13;of $6.08 (which was the closing sales price of the Company&amp;#146;s common stock on the date of grant); estimated option lives of&#13;10&amp;#160;years; estimated dividend rate of 0%; weighted average risk-free interest rate of 1.84%; weighted average stock price volatility&#13;of 63.6%; and an estimated forfeiture rate of 0%. The $132,900 of stock-based compensation was being expensed monthly over the&#13;vesting periods.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;During the fiscal year ended August 31, 2015,&#13;16,500 options were exercised. No options were exercised during the fiscal years ended August 31, 2016 or 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table summarizes the stock option&#13;activity for the combined 2004 Incentive Plan and 2014 Equity Plan for the fiscal year ended August 31, 2016:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Number of Options&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Weighted-Average Exercise Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Weighted-Average Remaining Contractual Term&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Approximate Aggregate Intrinsic Value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Outstanding at beginning of period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;312,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;5.10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Granted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;36,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;4.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Exercised&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Forfeited or expired&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(10,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Outstanding at August 31, 2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;338,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;4.77&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.68&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;248,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Options exercisable at August 31, 2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;302,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.83&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.36&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;227,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table summarizes the activity&#13;and value of non-vested options as of and for the fiscal year ended August 31, 2016:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Number of Options&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Weighted-Average Grant Date Fair Value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 76%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Non-vested options outstanding at beginning of period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;59,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;3.66&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Granted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;36,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.89&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Vested&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(59,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.66&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Non-vested options outstanding at August 31, 2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;36,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.89&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All non-vested options are expected to vest.&#13;The total fair value of options vested during the fiscal years ended August 31, 2016, 2015 and 2014 was $216,900, $280,700 and&#13;$219,200, respectively. The weighted average grant date fair value of options granted during the fiscal years ended August 31,&#13;2016, 2015 and 2014 was $2.89, $2.78, and $4.09, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Share-based compensation expense for the fiscal&#13;years ended August 31, 2016, 2015 and 2014, was $219,900, $240,000, and $251,900, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;At August 31, 2016, the Company had unrecognized&#13;expenses relating to non-vested options that are expected to vest totaling $51,400.&amp;#160;The weighted-average period over which&#13;these options are expected to vest is less than three years. The Company has not recorded any excess tax benefits to additional&#13;paid in capital.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Warrants&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of August 31, 2016, the Company had outstanding&#13;warrants to purchase 92 shares of common stock at an exercise price of $1.80 per share. These warrants expire six months from the&#13;earlier of:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(i)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The date all of the Export Water is sold or otherwise disposed of,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(ii)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The date the CAA is terminated with respect to the original holder of the warrant, or&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 36px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(iii)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The date on which the Company makes the final payment pursuant to Section 2.1(r) of the CAA.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;No warrants were exercised during fiscal 2016,&#13;2015 or 2014.&lt;/p&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company sells wholesale water and wastewater&#13;services to the District pursuant to the Rangeview Water Agreements. Sales to the District accounted for 67%, 19% and 7% of the&#13;Company&amp;#146;s total water and wastewater revenues for the fiscal years ended August 31, 2016, 2015 and 2014, respectively. The&#13;District had one significant customer, the Ridgeview Youth Services Center. Pursuant to the Rangeview Water Agreements, the Company&#13;is providing water and wastewater services to this customer on behalf of the District. The District&amp;#146;s significant customer&#13;accounted for 55%, 16%, and 7% of the Company&amp;#146;s total water and wastewater revenues for the fiscal years ended August 31,&#13;2016, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenues from another customer directly and&#13;indirectly represented approximately less than 1%, 75% and 88% of the Company&amp;#146;s water and wastewater revenues for the fiscal&#13;years ended August 31, 2016, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company had accounts receivable from the&#13;District which accounted for 74% and 87% of the Company&amp;#146;s water and wastewater trade receivables balances at August 31, 2016&#13;and 2015, respectively. Accounts receivable from the District&amp;#146;s largest customer accounted for 63% and 77% of the Company&amp;#146;s&#13;water and wastewater trade receivables as of August 31, 2016 and 2015, respectively.&lt;/p&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
    <us-gaap:CompensationAndEmployeeBenefitPlansTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company maintains a Pure Cycle Corporation&#13;401(k) Profit Sharing Plan (the &amp;#147;Plan&amp;#148;), a defined contribution retirement plan for the benefit of its employees. The&#13;Plan is currently a salary deferral only plan, and at this time the Company does not match employee contributions. The Company&#13;pays the annual administrative fees of the Plan, and the Plan participants pay the investment fees. The Plan is open to all employees,&#13;age 21 or older, who have been employees of the Company for at least six months. During the fiscal years ended August 31, 2016,&#13;2015 and 2014, the Company paid fees of $5,000, $3,800 and $3,600, respectively, for the administration of the Plan.&lt;/p&gt;</us-gaap:CompensationAndEmployeeBenefitPlansTextBlock>
    <us-gaap:LegalMattersAndContingenciesTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has historically been involved in&#13;various claims, litigation and other legal proceedings that arise in the ordinary course of its business. The Company records an&#13;accrual for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the anticipated&#13;most likely outcome or the minimum amount within a range of possible outcomes. The Company makes such estimates based on information&#13;known about the claims and experience in contesting, litigating and settling similar claims. Disclosures are also provided for&#13;reasonably possible losses that could have a material effect on the Company&amp;#146;s financial position, results of operations or&#13;cash flows.&lt;/p&gt;</us-gaap:LegalMattersAndContingenciesTextBlock>
    <us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Prior to the sale of the Company&amp;#146;s agricultural&#13;assets and the residual operations through December 31, 2015, the Company operated primarily in two lines of business: (i)&amp;#160;the&#13;wholesale water and wastewater business and (ii)&amp;#160;the agricultural farming business. The Company has discontinued its agricultural&#13;farming operations. Currently the Company operates its wholesale water and wastewater services segment as its only line of business.&#13;The wholesale water and wastewater services business includes selling water service to customers, which is then provided by the&#13;Company using water rights owned or controlled by the Company and developing infrastructure to divert, treat and distribute that&#13;water and collect, treat and reuse wastewater.&lt;/p&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On December 16, 2009, the Company entered into&#13;a Participation Agreement with the District, whereby the Company agreed to provide funding to the District in connection with the&#13;District joining the South Metro Water Supply Authority (&amp;#8220;SMWSA&amp;#8221;). The Company provided funding of $113,600, $78,600,&#13;and $114,900 for the fiscal years ended August 31, 2016, 2015, and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Through the WISE Financing Agreement, to date&#13;the Company made payments of $2,870,500 to purchase certain rights to use existing water transmission and related infrastructure&#13;acquired by the WISE project and to construct the connection to the WISE system. The amounts are included as Investments in Water&#13;and Water Systems on the Company&amp;#8217;s balance sheet as of August 31, 2016. The Company anticipates spending the following over&#13;the next five fiscal years to fund the District&amp;#8217;s purchase of its share of the water transmission line and additional facilities,&#13;water and related assets for WISE and to fund operations and water deliveries related to WISE:&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="19" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;Estimated WISE Costs&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="19" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;For the Fiscal Years Ended August 31,&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2017&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2019&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2020&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2021&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td style="width: 35%; font-size: 8pt"&gt;Operations&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Water Delivery&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;45,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;225,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;495,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;675,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;855,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td style="font-size: 8pt"&gt;Capital&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;464,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;339,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;464,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;1,339,200&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;57,100&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;Other&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;43,500&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;23,600&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;86,600&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;23,600&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;23,600&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;649,100&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;684,200&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;1,142,200&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;2,134,400&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;1,032,300&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has outstanding loans of $800,400&#13;to the District and Sky Ranch Metropolitan District No. 5, which are both related parties, as discussed below:&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;The District&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 1995, the Company extended a loan to the&#13;District. The loan provided for borrowings of up to $250,000, is unsecured, and bears interest based on the prevailing prime rate&#13;plus 2% (5.5% at August 31, 2016). The maturity date of the loan is December 31, 2020. Beginning in January 2014, the District&#13;and the Company entered into a funding agreement that allows the Company to continue to provide funding to the District for day-to-day&#13;operations and accrue the funding into a note that bears interest at a rate of 8% per annum and remains in full force and effect&#13;for so long as the 2014 Amended and Restated Lease Agreement remains in effect.&amp;#160;The $628,500 balance of the notes receivable&#13;at August 31, 2016, includes borrowings of $260,200 and accrued interest of $368,300. The $591,200 balance of the notes receivable&#13;at August 31, 2015, includes borrowings of $237,000 and accrued interest of $354,200.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Sky Ranch Metropolitan District No. 5&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Each year, beginning in 2012, the Company has&#13;entered into an Operation Funding Agreement with Sky Ranch Metropolitan District No. 5 obligating the Company to advance funding&#13;to the district for the district's operations and maintenance expenses for the then current calendar year. The District is expected&#13;to repay the amounts advanced pursuant to the funding agreements from future revenues from property tax assessments. All payments&#13;are subject to annual appropriations by the district in its absolute discretion. The advances by the Company accrue interest at&#13;a rate of 8% per annum from the date of the advance.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In November 2014, but effective as of January&#13;1, 2014, the Company entered into a Facilities Funding and Acquisition Agreement with Sky Ranch Metropolitan District No. 5 obligating&#13;the Company to either finance district improvements or to construct improvements on behalf of the district subject to reimbursement.&#13;Improvements subject to this agreement are determined pursuant to a mutually agreed upon budget. Each year in September, the partieis&#13;are to mutually determine the improvements required for the following year and finalize a budget by the end of October. Each advance&#13;or reimbursable expense accrues interest at a rate of 6% per annum. No payments are required by the district unless and until the&#13;district issues bonds in an amount sufficient to reimburse the Company for all or a portion of the advances and costs incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Pursuant to the Operation Funding Agreements&#13;and the Facilities Funding and Acquisition Agreement, the Company has provided funding to the district in the amounts of $8,500,&#13;$97,500 and $50,900 for the fiscal years 2016, 2015, and 2014, respectively. The $171,900 balance of the receivable at August 31,&#13;2016, includes advances of $156,900 and accrued interest of $15,000. Upon the district&amp;#8217;s ratification of the advances and related expenditures, the amount was reclassified&#13;to long-term and is recorded as part of Notes receivable &amp;#8211; related parties.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:QuarterlyFinancialInformationTextBlock contextRef="From2015-09-01to2016-08-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="31" style="font-size: 8pt; font-weight: bold; text-align: center"&gt;Quarterly results of operations&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="15" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="15" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="15" style="font-size: 8pt; text-align: center"&gt;Three months ended&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="15" style="font-size: 8pt; text-align: center"&gt;Three months ended&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;30 Nov&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;29 Feb&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;31 May&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;31 Aug&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;30 Nov&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;28 Feb&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;31 May&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;31 Aug&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="31" style="font-size: 8pt; text-align: center"&gt;(In thousands, except per share data)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td style="width: 28%; font-size: 8pt; text-align: left"&gt;Total revenues&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;126&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;76&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;101&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;149&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;570&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;372&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;120&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;135&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Gross margin&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(7&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(44&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(34&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;8&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;373&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;217&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(19&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(134&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Operating loss&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(472&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(557&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(533&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; color: #333333; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333; text-align: right"&gt;(618&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;47&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(324&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(448&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(952&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Net income (loss)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(97&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(271&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(422&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; color: #333333; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333; text-align: right"&gt;(521&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;10&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(86&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;30&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(23,082&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Basic and diluted&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td style="font-size: 8pt"&gt;&amp;#160;income (loss) per share&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(0.01&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(0.02&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(0.03&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(0.96&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;* Amount is less than $.01 per share&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13; 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The Company recognized a loss of $22.1 million.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The consolidated financial statements of the&#13;Company include the accounts of Pure Cycle Corporation and its majority-owned and controlled subsidiaries. Intercompany accounts&#13;and transactions have been eliminated in consolidation.&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
    <us-gaap:UseOfEstimates contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The preparation of financial statements in conformity&#13;with accounting principles generally accepted in the United States of America (&amp;#147;GAAP&amp;#148;) requires management to make&#13;estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities&#13;at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results&#13;could differ from those estimates.&lt;/p&gt;</us-gaap:UseOfEstimates>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Cash and cash equivalents include all highly&#13;liquid debt instruments with original maturities of three months or less. The Company&amp;#146;s cash equivalents are comprised entirely&#13;of money market funds maintained at a reputable financial institution. At various times during the fiscal year ended August 31,&#13;2016, the Company&amp;#146;s main operating account exceeded federally insured limits. The Company has never suffered a loss due to&#13;such excess balance.&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:InvestmentPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Management determines the appropriate classification&#13;of its investments in certificates of deposit and debt and equity securities at the time of purchase and reevaluates such determinations&#13;each reporting period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Certificates of deposit and debt securities&#13;are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. The&#13;Company has $6.9 million of investments classified as held-to-maturity at August 31, 2016 which represent certificates of deposit&#13;and U.S. treasury notes with maturity dates after August 31, 2017. Debt securities for which the Company does not have the positive&#13;intent or ability to hold to maturity are classified as available-for-sale, along with any investments in equity securities. Securities&#13;classified as available-for-sale are marked-to-market at each reporting period. Changes in value on such securities are recorded&#13;as a component of &lt;i&gt;Accumulated other comprehensive income (loss).&lt;/i&gt; The cost of securities sold is based on the specific identification&#13;method. The Company&amp;#146;s debt securities mature at various dates through July 23, 2018.&lt;/p&gt;</us-gaap:InvestmentPolicyTextBlock>
    <us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial instruments that potentially subject&#13;the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. From time to time, the&#13;Company places its cash in money market instruments, commercial paper obligations, corporate bonds and U.S. government treasury&#13;obligations. To date, the Company has not experienced significant losses on any of these investments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following methods and assumptions were used&#13;to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Cash and Cash Equivalents &amp;#150;&lt;/i&gt;&lt;/b&gt;&#13;The Company&amp;#146;s cash and cash equivalents are reported using the values as reported by the financial institution where the&#13;funds are held. These securities primarily include balances in the Company&amp;#146;s operating and savings accounts. The carrying&#13;amount of cash and cash equivalents approximate fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Trade Accounts Receivable &amp;#150;&lt;/i&gt;&lt;/b&gt;&#13;The Company records accounts receivable net of allowances for uncollectible accounts.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Investments &amp;#150;&lt;/i&gt;&lt;/b&gt; The carrying&#13;amounts of investments approximate fair value. Investments are described further in Note 3 &amp;#150; &lt;i&gt;Fair Value Measurements.&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Accounts Payable &amp;#150;&lt;/i&gt;&lt;/b&gt; The carrying&#13;amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Long-Term Financial Liabilities&lt;/i&gt;&lt;/b&gt;&#13;&lt;b&gt;&amp;#150;&lt;/b&gt; The Comprehensive Amendment Agreement No. 1 (the &amp;#147;CAA&amp;#148;) is comprised of a recorded balance and an off-balance&#13;sheet or &amp;#147;contingent&amp;#148; obligation associated with the Company&amp;#146;s acquisition of its &amp;#147;Rangeview Water Supply&amp;#148;&#13;(defined in Note&amp;#160;4&amp;#160;&amp;#150; &lt;i&gt;Water and Land Assets&lt;/i&gt;). The amount payable is a fixed amount but is repayable only&#13;upon the sale of &amp;#147;Export Water&amp;#148; (defined in Note&amp;#160;4&amp;#160;&amp;#150; &lt;i&gt;Water and Land Assets&lt;/i&gt;). Because of the&#13;uncertainty of the sale of Export Water, the Company has determined that the recorded balance of the CAA does not have a determinable&#13;fair value. The CAA is described further in Note&amp;#160;5&amp;#160;&amp;#150; &lt;i&gt;Participating Interests in Export Water&lt;/i&gt;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Notes Receivable &amp;#150; Related Parties&lt;/i&gt;&lt;/b&gt;&#13;&lt;b&gt;&amp;#150;&lt;/b&gt; The market value of the notes receivable &amp;#150; related parties: Rangeview Metropolitan District (the &amp;#147;District&amp;#148;)&#13;and Sky Ranch Metropolitan District No. 5 are not practical to estimate due to the related party nature of the underlying transactions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Off-Balance Sheet Instruments &amp;#150;&lt;/i&gt;&lt;/b&gt;&#13;The Company&amp;#146;s off-balance sheet instruments consist entirely of the contingent portion of the CAA. Because repayment of this&#13;portion of the CAA is contingent on the sale of Export Water, which is not reasonably estimable, the Company has determined that&#13;the contingent portion of the CAA does not have a determinable fair value. See further discussion in Note&amp;#160;5&amp;#160;&amp;#150; &lt;i&gt;Participating&#13;Interests in Export Water&lt;/i&gt;.&lt;/p&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
    <pcyo:CashFlowsPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company did not pay any interest during&#13;the fiscal year ended August 31, 2016. The Company paid $441,400 and $310,400 in interest during the fiscal years ended August&#13;31, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In the fiscal year ended August 31, 2016, the&#13;Company paid $292,700 for alternative minimum tax the Company owed as a result of the sale of the Company&amp;#146;s farm assets.&#13;The Company did not pay any income taxes during the fiscal years ended August 31, 2015 and 2014.&lt;/p&gt;</pcyo:CashFlowsPolicyTextBlock>
    <us-gaap:ReceivablesPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company records accounts receivable net&#13;of allowances for uncollectible accounts. Excluded in trade accounts receivable are balances due from discontinued operations.&#13;The Company has not recorded an allowance for uncollectible accounts in receivables from continuing operations for either of the&#13;periods ended August 31, 2016 or 2015. The allowance for uncollectible accounts was determined based on specific review of all&#13;past due accounts.&lt;/p&gt;</us-gaap:ReceivablesPolicyTextBlock>
    <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company reviews its long-lived assets for&#13;impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability&#13;of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows&#13;expected to be generated by the eventual use of the asset. If such assets are considered to be impaired, the impairment to be recognized&#13;is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed&#13;of are reported at the lower of the carrying amount or fair value less costs to sell.&lt;/p&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
    <pcyo:CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicy contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Costs to construct water and wastewater systems&#13;that meet the Company&amp;#146;s capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line&#13;basis over their estimated useful lives of up to 30 years. The Company capitalizes design and construction costs related to construction&#13;activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of&#13;its water assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company depletes its water assets that are&#13;being utilized on the basis of units produced (i.e., thousands of gallons sold) divided by the total volume of water adjudicated&#13;in the water decrees.&lt;/p&gt;</pcyo:CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicy>
    <us-gaap:LeasePolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As further described in Note 4 &amp;#150; &lt;i&gt;Water&#13;and Land Assets&lt;/i&gt; below, on March 10, 2011, the Company entered into a Paid-Up Oil and Gas Lease (the &amp;#147;O&amp;#38;G Lease&amp;#148;)&#13;and a Surface Use and Damage Agreement (the &amp;#147;Surface Use Agreement&amp;#148;) with Anadarko E&amp;#38;P Company, L.P. (&amp;#147;Anadarko&amp;#148;),&#13;a wholly owned subsidiary of Anadarko Petroleum Company. Pursuant to the O&amp;#38;G Lease, on March 10, 2011, the Company received&#13;an up-front payment of $1,243,400 from Anadarko for the purpose of exploring for, developing, producing and marketing oil and gas&#13;on approximately 634 acres of mineral estate owned by the Company at its Sky Ranch property. In December 2012, the O&amp;#38;G Lease&#13;was purchased by a wholly owned subsidiary of ConocoPhillips Company. The Company received an additional payment of $1,243,400&#13;during February 2014 to extend the O&amp;#38;G Lease an additional two years through February 2016, which was recognized as income&#13;on a straight-line basis over two years (the extension term of the O&amp;#38;G Lease). In addition, during the fiscal years ended August&#13;31, 2015 and 2014, the Company received up-front payments of $72,000 and $12,540, respectively, for the purpose of exploring for,&#13;developing, producing, and marketing oil and gas on 40 acres of mineral estate the Company owns adjacent to the Lowry Range (the&#13;&amp;#147;Rangeview Lease&amp;#148;). The Company recognizes the up-front payments on a straight-line basis over the terms of the respective&#13;leases. During the fiscal years ended August 31, 2016, 2015 and 2014, the Company recognized $360,800, $645,700, and $525,400,&#13;respectively, of income related to the up-front payments received pursuant to these leases.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of August 31, 2016, the Company has deferred&#13;recognition of $19,000 of income related to the Rangeview Lease, which will be recognized as income ratably through June 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;During the three months ended February 28, 2015,&#13;two wells were drilled within the Company&amp;#146;s mineral interest. Beginning in March 2015, both wells were placed into service&#13;and began producing oil and gas and accruing royalties to the Company. In May 2015, certain gas collection infrastructure was extended&#13;to the property to allow the collection of gas from the wells and accrual of royalties attributable to gas production. During the&#13;fiscal years ended August 31, 2016 and 2015, the Company received $343,600 and $412,600, respectively, in royalties attributable&#13;to these two wells.&lt;/p&gt;</us-gaap:LeasePolicyTextBlock>
    <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company maintains a stock option plan for&#13;the benefit of its employees and directors. The Company records share-based compensation costs which are measured at the grant&#13;date based on the fair value of the award and are recognized as expense over the applicable vesting period of the stock award using&#13;the straight-line method. The Company has adopted the alternative transition method for calculating the tax effects of share-based&#13;compensation which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because&#13;the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options during the fiscal&#13;years ended August 31, 2016 and 2015 had no impact on the income tax provisions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognized $219,900, $240,000, and&#13;$251,900 of share-based compensation expenses during the fiscal&lt;i&gt;&amp;#160;&lt;/i&gt;years ended August 31, 2016, 2015 and 2014, respectively.&lt;/p&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company uses a &amp;#147;more-likely-than-not&amp;#148;&#13;threshold for the recognition and de-recognition of tax positions, including any potential interest and penalties relating to tax&#13;positions taken by the Company. The Company does not have any significant unrecognized tax benefits as of August 31, 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company files income tax returns with the&#13;Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal 2012 through fiscal&#13;2015. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#146;s policy is to recognize interest&#13;and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At August 31, 2016, the Company did&#13;not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized&#13;during the fiscal years ended August 31, 2016, 2015 or 2014.&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loss per common share is computed by dividing&#13;net loss by the weighted average number of shares outstanding during each period. Common stock options and warrants aggregating&#13;338,100, 312,100, and 315,100 common share equivalents as of August 31, 2016, 2015 and 2014, respectively, have been excluded from&#13;the calculation of loss per common share as their effect is anti-dilutive.&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company continually assesses any new accounting&#13;pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&amp;#146;s&#13;financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements&#13;and ensure that there are proper controls in place to ascertain that the Company&amp;#146;s consolidated financial statements properly&#13;reflect the change. New pronouncements assessed by the Company recently are discussed below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In May 2016, the Financial Accounting Standards&#13;Board (&amp;#147;FASB&amp;#148;) issued Accounting Standards Update (&amp;#147;ASU&amp;#148;) No. 2016-12, &lt;i&gt;Revenue from Contracts with Customers&#13;(Topic 606): Narrow-Scope Improvements and Practical&lt;/i&gt; &lt;i&gt;Expedients.&lt;/i&gt; ASU 2016-12 provides for amendments to ASU No. 2014-09,&#13;&lt;i&gt;Revenue from Contracts with Customers&lt;/i&gt;, amending the guidance on transition, collectability, noncash consideration and the&#13;presentation of sales and other similar taxes. Specifically, ASU 2016-12 clarifies that, for a contract to be considered completed&#13;at transition, all (or substantially all) of the revenue must have been recognized under legacy GAAP. In addition, ASU 2016-12&#13;clarifies how an entity should evaluate the collectability threshold and when an entity can recognize nonrefundable consideration&#13;received as revenue if an arrangement does not meet the standard&amp;#146;s contract criteria. ASU 2016-12 is effective for annual&#13;reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption&#13;is&amp;#160;permitted only for annual reporting periods beginning after December 15, 2016, including interim periods within that period.&amp;#160;The&#13;Company is assessing the impact of ASU 2016-12, but it does not expect the adoption of ASU 2016-12 to have a material impact on&#13;its financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In April 2016, the FASB issued ASU No. 2016-10,&#13;&lt;i&gt;Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing&lt;/i&gt;. ASU 2016-10 provides&#13;for amendments to ASU No. 2014-09, &lt;i&gt;Revenue from Contracts with Customers,&lt;/i&gt; reducing the complexity when applying the guidance&#13;for identifying performance obligations and improving the operability and understandability of the license implementation guidance.&#13;ASU 2016-10 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within&#13;that reporting period. Early adoption is&amp;#160;permitted only for annual reporting periods beginning after December 15, 2016, including&#13;interim periods within that period. The Company is assessing the impact of ASU 2016-10, but it does not expect the adoption of&#13;ASU 2016-10 to have a material impact on its financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In March 2016, the FASB issued ASU No. 2016-08,&#13;&lt;i&gt;Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)&lt;/i&gt;.&#13;ASU 2016-08 provides for amendments to ASU No. 2014-09, &lt;i&gt;Revenue from Contracts with Customers&lt;/i&gt;, clarifying the implementation&#13;guidance on principal versus agent considerations in the new revenue recognition standard. Specifically, ASU 2016-08 clarifies&#13;how an entity should identify the unit of accounting (i.e., the specified good or service) for the principal versus agent evaluation&#13;and how it should apply the control principle to certain types of arrangements. ASU 2016- is effective for annual reporting periods&#13;beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is&amp;#160;permitted&#13;only for annual reporting periods beginning after December 15, 2016, including interim periods within that period. The Company&#13;is assessing the impact of ASU 2016-08, but it does not expect the adoption of ASU 2016-08 to have a material impact on its financial&#13;statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In April 2014, the FASB issued ASU No. 2014-08,&#13;&lt;i&gt;Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):&lt;/i&gt;&amp;#160;&lt;i&gt;Reporting Discontinued&#13;Operations and Disclosures of Disposals of Components of an Entity&lt;/i&gt;. ASU 2014-08 changes the presentation and disclosure requirements&#13;for discontinued operations. The update was adopted by the Company in fiscal year 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <pcyo:ScheduleOfWaterAndWaterSystems contextRef="From2015-09-01to2016-08-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;August 31, 2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;August 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated Depreciation and Depletion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated Depreciation and Depletion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%"&gt;&lt;font style="font-size: 8pt"&gt;Rangeview water supply&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 0%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,444,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 0%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 0%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14,444,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 0%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(8,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Sky Ranch water rights and other costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,607,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(334,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,440,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(194,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Fairgrounds water and water system&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,899,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(886,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,899,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(798,700&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Rangeview water system&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,624,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(152,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,256,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(110,300&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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color: #333333"&gt;&lt;i&gt;Activity from inception until August 31, 2014:&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#160; Acquisitions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;30,428,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(30,428,900&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(8,600&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(16,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Balance at August 31, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;677,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Arapahoe County tap fees are less $34,522 in royalties paid to the Land Board.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;</pcyo:ScheduleOfRemainingThirdPartyObligationTableTextBlock>
    <us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="From2015-09-01to2016-08-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Number of Options&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Weighted-Average Exercise Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Weighted-Average Remaining Contractual Term&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Approximate Aggregate Intrinsic Value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Outstanding at beginning of period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;312,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;5.10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Granted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;36,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;4.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Exercised&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Forfeited or expired&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(10,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.68&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;248,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Options exercisable at August 31, 2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;302,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.83&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5.36&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;227,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
    <us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock contextRef="From2015-09-01to2016-08-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Number of Options&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Weighted-Average Grant Date Fair Value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 76%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Non-vested options outstanding at beginning of period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;59,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;3.66&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Granted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;36,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.89&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Vested&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;(59,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3.66&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;Non-vested options outstanding at August 31, 2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: #333333"&gt;36,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.89&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock>
    <us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="From2015-09-01to2016-08-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="19" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;Estimated WISE Costs&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="19" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;For the Fiscal Years Ended August 31,&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2017&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2018&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2019&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2020&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2021&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 35%; font-size: 8pt"&gt;Operations&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 9%; font-size: 8pt; text-align: right"&gt;96,600&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Water Delivery&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;45,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;225,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;495,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;675,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;855,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-size: 8pt"&gt;Capital&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;464,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;339,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;464,000&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;1,339,200&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;57,100&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;Other&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;43,500&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;23,600&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;86,600&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;23,600&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"&gt;23,600&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;649,100&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;684,200&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;1,142,200&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;2,134,400&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;1,032,300&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
    <us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock contextRef="From2015-09-01to2016-08-31">&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="31" style="font-size: 8pt; font-weight: bold; text-align: center"&gt;Quarterly results of operations&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="15" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="15" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="15" style="font-size: 8pt; text-align: center"&gt;Three months ended&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="15" style="font-size: 8pt; text-align: center"&gt;Three months ended&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;30 Nov&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;29 Feb&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;31 May&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;31 Aug&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;30 Nov&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;28 Feb&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;31 May&lt;/td&gt;&lt;td style="font-size: 8pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"&gt;31 Aug&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="31" style="font-size: 8pt; text-align: center"&gt;(In thousands, except per share data)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td style="width: 28%; font-size: 8pt; text-align: left"&gt;Total revenues&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;126&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;76&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;101&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;149&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;570&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;372&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;120&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 2%; font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 5%; font-size: 8pt; text-align: right"&gt;135&lt;/td&gt;&lt;td style="width: 1%; font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Gross margin&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(7&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(44&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(34&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;8&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;373&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;217&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(19&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(134&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Operating loss&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(472&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(557&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(533&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; color: #333333; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333; text-align: right"&gt;(618&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;47&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(324&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(448&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(952&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Net income (loss)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(97&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(271&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(422&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; color: #333333; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333; text-align: right"&gt;(521&lt;/td&gt;&lt;td style="font-size: 8pt; color: #333333; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;10&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(86&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;30&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(23,082&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;Basic and diluted&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: transparent"&gt;&#13;    &lt;td style="font-size: 8pt"&gt;&amp;#160;income (loss) per share&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(0.01&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(0.02&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(0.03&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;$&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: right"&gt;(0.96&lt;/td&gt;&lt;td style="font-size: 8pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-size: 8pt; text-align: left"&gt;* Amount is less than $.01 per share&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock>
    <pcyo:WorkingCapital contextRef="AsOf2016-08-31" unitRef="usd" decimals="0">28600000</pcyo:WorkingCapital>
    <us-gaap:DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss contextRef="From2015-09-01to2016-08-31" unitRef="usd" decimals="0">190340</us-gaap:DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss>
    <us-gaap:DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss contextRef="From2014-09-01to2015-08-31" unitRef="usd" decimals="0">1000876</us-gaap:DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss>
    <us-gaap:DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss contextRef="From2013-09-01to2014-08-31" unitRef="usd" decimals="0">979921</us-gaap:DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss>
    <us-gaap:GainLossOnDispositionOfAssets contextRef="From2015-09-01to2016-08-31" unitRef="usd" decimals="0">4273</us-gaap:GainLossOnDispositionOfAssets>
    <us-gaap:GainLossOnDispositionOfAssets contextRef="From2014-09-01to2015-08-31" unitRef="usd" decimals="0">-22108145</us-gaap:GainLossOnDispositionOfAssets>
    <us-gaap:GainLossOnDispositionOfAssets contextRef="From2013-09-01to2014-08-31" unitRef="usd" decimals="0">1407326</us-gaap:GainLossOnDispositionOfAssets>
    <us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss contextRef="From2015-09-01to2016-08-31" unitRef="usd" decimals="0">-123049</us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss>
    <us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss contextRef="From2014-09-01to2015-08-31" unitRef="usd" decimals="0">240684</us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss>
    <us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss contextRef="From2013-09-01to2014-08-31" unitRef="usd" decimals="0">-333966</us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss>
    <us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherExpense contextRef="From2015-09-01to2016-08-31" unitRef="usd" decimals="0">38428</us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherExpense>
    <us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherExpense contextRef="From2014-09-01to2015-08-31" unitRef="usd" decimals="0">21710</us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherExpense>
    <us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherExpense contextRef="From2013-09-01to2014-08-31" unitRef="usd" decimals="0">14392</us-gaap:DisposalGroupIncludingDiscontinuedOperationOtherExpense>
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    <us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Principles of Consolidation&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The consolidated financial statements of the&#13;Company include the accounts of Pure Cycle Corporation and its majority-owned and controlled subsidiaries. Intercompany accounts&#13;and transactions have been eliminated in consolidation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Use of Estimates&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The preparation of financial statements in conformity&#13;with accounting principles generally accepted in the United States of America (&amp;#8220;GAAP&amp;#8221;) requires management to make&#13;estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities&#13;at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results&#13;could differ from those estimates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Cash and Cash Equivalents&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Cash and cash equivalents include all highly&#13;liquid debt instruments with original maturities of three months or less. The Company&amp;#8217;s cash equivalents are comprised entirely&#13;of money market funds maintained at a reputable financial institution. At various times during the fiscal year ended August 31,&#13;2016, the Company&amp;#8217;s main operating account exceeded federally insured limits. The Company has never suffered a loss due to&#13;such excess balance.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Investments&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Management determines the appropriate classification&#13;of its investments in certificates of deposit and debt and equity securities at the time of purchase and reevaluates such determinations&#13;each reporting period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Certificates of deposit and debt securities&#13;are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. The&#13;Company has $6.9 million of investments classified as held-to-maturity at August 31, 2016 which represent certificates of deposit&#13;and U.S. treasury notes with maturity dates after August 31, 2017. Debt securities for which the Company does not have the positive&#13;intent or ability to hold to maturity are classified as available-for-sale, along with any investments in equity securities. Securities&#13;classified as available-for-sale are marked-to-market at each reporting period. Changes in value on such securities are recorded&#13;as a component of &lt;i&gt;Accumulated other comprehensive income (loss).&lt;/i&gt; The cost of securities sold is based on the specific identification&#13;method. The Company&amp;#8217;s certificates of deposit and debt securities mature at various dates through July 23, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Concentration of Credit Risk and Fair&#13;Value&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Financial instruments that potentially subject&#13;the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. From time to time, the&#13;Company places its cash in money market instruments, commercial paper obligations, corporate bonds and U.S. government treasury&#13;obligations. To date, the Company has not experienced significant losses on any of these investments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following methods and assumptions were used&#13;to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Cash and Cash Equivalents &amp;#8211;&lt;/i&gt;&lt;/b&gt;&#13;The Company&amp;#8217;s cash and cash equivalents are reported using the values as reported by the financial institution where the&#13;funds are held. These securities primarily include balances in the Company&amp;#8217;s operating and savings accounts. The carrying&#13;amount of cash and cash equivalents approximate fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Trade Accounts Receivable &amp;#8211;&lt;/i&gt;&lt;/b&gt;&#13;The Company records accounts receivable net of allowances for uncollectible accounts.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Investments &amp;#8211;&lt;/i&gt;&lt;/b&gt; The carrying&#13;amounts of investments approximate fair value. Investments are described further in Note 3 &amp;#8211; &lt;i&gt;Fair Value Measurements.&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Accounts Payable &amp;#8211;&lt;/i&gt;&lt;/b&gt; The carrying&#13;amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Long-Term Financial Liabilities&lt;/i&gt; &amp;#8211;&lt;/b&gt;&#13;The Comprehensive Amendment Agreement No. 1 (the &amp;#8220;CAA&amp;#8221;) is comprised of a recorded balance and an off-balance sheet&#13;or &amp;#8220;contingent&amp;#8221; obligation associated with the Company&amp;#8217;s acquisition of its &amp;#8220;Rangeview Water Supply&amp;#8221;&#13;(defined in Note&amp;#160;4&amp;#160;&amp;#8211; &lt;i&gt;Water and Land Assets&lt;/i&gt;). The amount payable is a fixed amount but is repayable only&#13;upon the sale of &amp;#8220;Export Water&amp;#8221; (defined in Note&amp;#160;4&amp;#160;&amp;#8211; &lt;i&gt;Water and Land Assets&lt;/i&gt;). Because of the&#13;uncertainty of the sale of Export Water, the Company has determined that the recorded balance of the CAA does not have a determinable&#13;fair value. The CAA is described further in Note&amp;#160;5&amp;#160;&amp;#8211; &lt;i&gt;Participating Interests in Export Water&lt;/i&gt;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Notes Receivable &amp;#8211; Related Parties&lt;/i&gt;&#13;&amp;#8211;&lt;/b&gt; The market value of the notes receivable &amp;#8211; related parties: Rangeview Metropolitan District (the &amp;#8220;District&amp;#8221;)&#13;and Sky Ranch Metropolitan District No. 5 are not practical to estimate due to the related party nature of the underlying transactions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Off-Balance Sheet Instruments &amp;#8211;&lt;/i&gt;&lt;/b&gt;&#13;The Company&amp;#8217;s off-balance sheet instruments consist entirely of the contingent portion of the CAA. Because repayment of this&#13;portion of the CAA is contingent on the sale of Export Water, which is not reasonably estimable, the Company has determined that&#13;the contingent portion of the CAA does not have a determinable fair value. See further discussion in Note&amp;#160;5&amp;#160;&amp;#8211; &lt;i&gt;Participating&#13;Interests in Export Water&lt;/i&gt;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Cash Flows&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company did not pay any interest during&#13;the fiscal year ended August 31, 2016. The Company paid $441,400 and $310,400 in interest during the fiscal years ended August&#13;31, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In the fiscal year ended August 31, 2016, the&#13;Company paid $292,700 for alternative minimum tax the Company owed as a result of the sale of the Company&amp;#8217;s farm assets.&#13;The Company did not pay any income taxes during the fiscal years ended August 31, 2015 and 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Trade Accounts Receivable&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company records accounts receivable net&#13;of allowances for uncollectible accounts. Excluded in trade accounts receivable are balances due from discontinued operations.&#13;The Company has not recorded an allowance for uncollectible accounts in receivables from continuing operations for either of the&#13;periods ended August 31, 2016 or 2015. The allowance for uncollectible accounts was determined based on specific review of all&#13;past due accounts.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Long-Lived Assets&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;&amp;#160;&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company reviews its long-lived assets for&#13;impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability&#13;of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows&#13;expected to be generated by the eventual use of the asset. If such assets are considered to be impaired, the impairment to be&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;recognized is measured by the amount by which&#13;the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the&#13;carrying amount or fair value less costs to sell.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Capitalized Costs of Water and Wastewater&#13;Systems and Depreciation and Depletion Charges&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Costs to construct water and wastewater systems&#13;that meet the Company&amp;#8217;s capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line&#13;basis over their estimated useful lives of up to 30 years. The Company capitalizes design and construction costs related to construction&#13;activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of&#13;its water assets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company depletes its water assets that are&#13;being utilized on the basis of units produced (i.e., thousands of gallons sold) divided by the total volume of water adjudicated&#13;in the water decrees.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Revenue Recognition&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company generates revenues through one line&#13;of business. Its revenues are derived through its wholesale water and wastewater business, which is described below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company generates revenues through its wholesale&#13;water and wastewater business predominately from three sources: (i) monthly wholesale water usage fees and wastewater service fees,&#13;(ii) one-time water and wastewater tap fees and construction fees, and (iii) consulting fees. Because these items are separately&#13;delivered, the Company accounts for each of the items separately, as described below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 12pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;i.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-decoration: none; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Monthly wholesale water and wastewater service fees&lt;/u&gt; &lt;b&gt;&lt;i&gt;&amp;#8211;&lt;/i&gt;&lt;/b&gt; Monthly wholesale water usage charges are assessed to the Company&amp;#8217;s customers based on actual metered usage each month plus a base monthly service fee assessed per single family equivalent (&amp;#8220;SFE&amp;#8221;) unit served. One SFE is a customer, whether residential, commercial or industrial, that imparts a demand on the Company&amp;#8217;s water or wastewater systems similar to the demand of a family of four persons living in a single family house on a standard sized lot. One SFE is assumed to have a water demand of approximately 0.4 acre feet per year and to contribute wastewater flows of approximately 300 gallons per day. Water usage pricing uses a tiered pricing structure. The Company recognizes wholesale water usage revenues upon delivering water to its customers or its governmental customers&amp;#8217; end-use customers, as applicable. Revenues recognized by the Company from the sale of &amp;#34;Export Water&amp;#34; are shown gross of royalties to the State of Colorado Board of Land Commissioners (the &amp;#8220;Land Board&amp;#8221;). Revenues recognized by the Company from the sale of water on the &amp;#34;Lowry Range&amp;#34; are shown net of royalties paid to the Land Board and amounts retained by the Rangeview Metropolitan District (the &amp;#8220;District&amp;#8221;). See further description of &amp;#34;Export Water&amp;#34; and the &amp;#34;Lowry Range&amp;#34; in Note 4 - &lt;i&gt;Water and Land Assets&lt;/i&gt; under &amp;#34;Rangeview Water Supply and Water System.&amp;#34;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognizes wastewater processing&#13;revenues monthly based on usage. The monthly wastewater service fees are shown net of amounts retained by the District. Amounts&#13;recognized for water and wastewater services during the fiscal years ended August 31, 2016, 2015 and 2014 are presented in the&#13;statements of operations. Costs of delivering water and providing wastewater service to customers are recognized as incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company delivered 33.9&amp;#160;million, 97.5&#13;million and 190.1 million gallons of water to customers during the fiscal years ended August 31, 2016, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-decoration: none"&gt;&lt;font style="font-size: 8pt"&gt;ii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-decoration: none; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Water and wastewater tap fees and construction fees&lt;/u&gt; &amp;#8211;&lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;Tap fees, also called system development fees, are received in advance, are non-refundable and are typically used to fund construction of certain facilities and defray the acquisition costs of obtaining water rights. Construction fees are fees used by the Company to construct assets that are typically required to be constructed by developers or home builders and are separate from tap fees.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Proceeds from tap fees and construction fees&#13;are deferred upon receipt and recognized in income either upon completion of construction of infrastructure or ratably over time,&#13;depending on whether the Company owns the infrastructure constructed with the proceeds or a customer owns the infrastructure constructed&#13;with the proceeds.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Tap and construction fees derived from agreements&#13;in which the Company will not own the assets constructed with the fees are recognized as revenue using the percentage-of-completion&#13;method. Costs of construction of the assets when the Company will not own the assets are recorded as construction costs.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Tap and construction fees derived from agreements&#13;for which the Company will own the infrastructure are recognized as revenues ratably over the estimated accounting service life&#13;of the facilities constructed, starting at completion of construction, which could be in excess of 30 years. Costs of construction&#13;of the assets when the Company will own the assets are capitalized and depreciated over their estimated economic lives.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;From time to time, the Company enters into water&#13;service agreements to provide water service to customers. The Company owns the facilities which store, treat, and deliver the water&#13;and amortizes the cost of these facilities over their useful lives. The Company recognized $14,300 of tap fee revenue in each of&#13;the three fiscal years ended August 31, 2016, 2015 and 2014. The Company recognized $41,500 of &amp;#8220;Special Facilities&amp;#8221;&#13;funding as revenue in each of the three fiscal years ended August 31, 2016, 2015, and 2014. As of August 31, 2016, the Company&#13;has deferred recognition of $1.1 million of tap and construction revenue from customer agreements, which will be recognized as&#13;revenue ratably through 2036.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-decoration: none"&gt;&lt;font style="font-size: 8pt"&gt;iii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-decoration: none; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Consulting fees&lt;/u&gt; &amp;#8211; Consulting fees are fees the Company receives, typically on a monthly basis, from municipalities and area water providers along the I-70 corridor, for contract operations services.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;u&gt;Royalty and Other Obligations&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenues from the sale of Export Water are shown&#13;gross of royalties payable to the Land Board. Revenues from the sale of water on the Lowry Range are shown net of the royalties&#13;to the Land Board and the amounts retained by the District.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;u&gt;Oil and Gas Lease Payments&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As further described in Note 4 &amp;#8211; &lt;i&gt;Water&#13;and Land Assets&lt;/i&gt; below, 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;)&#13;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;),&#13;a wholly owned subsidiary of Anadarko Petroleum Company. Pursuant to the O&amp;#38;G Lease, on March 10, 2011, the Company received&#13;an up-front payment of $1,243,400 from Anadarko for the purpose of exploring for, developing, producing and marketing oil and gas&#13;on approximately 634 acres of mineral estate owned by the Company at its Sky Ranch property. In December 2012, the O&amp;#38;G Lease&#13;was purchased by a wholly owned subsidiary of ConocoPhillips Company. The Company received an additional payment of $1,243,400&#13;during February 2014 to extend the O&amp;#38;G Lease an additional two years through February 2016, which was recognized as income&#13;on a straight-line basis over two years (the extension term of the O&amp;#38;G Lease). In addition, during the fiscal years ended August&#13;31, 2015 and 2014, the Company received up-front payments of $72,000 and $12,540, respectively, for the purpose of exploring for,&#13;developing, producing, and marketing oil and gas on 40 acres of mineral estate the Company owns adjacent to the Lowry Range (the&#13;&amp;#8220;Rangeview Lease&amp;#8221;). The Company recognizes the up-front payments on a straight-line basis over the terms of the respective&#13;leases. During the fiscal years ended August 31, 2016, 2015 and 2014, the Company recognized $360,800, $645,700, and $525,400,&#13;respectively, of income related to the up-front payments received pursuant to these leases.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of August 31, 2016, the Company has deferred&#13;recognition of $19,000 of income related to the Rangeview Lease, which will be recognized as income ratably through June 2017.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;During the three months ended February 28, 2015,&#13;two wells were drilled within the Company&amp;#8217;s mineral interest. Beginning in March 2015, both wells were placed into service&#13;and began producing oil and gas and accruing royalties to the Company. In May 2015, certain gas collection infrastructure was extended&#13;to the property to allow the collection of gas from the wells and accrual of royalties attributable to gas production. During the&#13;fiscal years ended August 31, 2016 and 2015, the Company received $343,600 and $412,600, respectively, in royalties attributable&#13;to these two wells.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;u&gt;Share-based Compensation&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company maintains a stock option plan for&#13;the benefit of its employees and directors. The Company records share-based compensation costs which are measured at the grant&#13;date based on the fair value of the award and are recognized as expense over the applicable vesting period of the stock award using&#13;the straight-line method. The Company has adopted the alternative transition method for calculating the tax effects of share-based&#13;compensation which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because&#13;the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options during the fiscal&#13;years ended August 31, 2016 and 2015 had no impact on the income tax provisions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognized $219,900, $240,000, and&#13;$251,900 of share-based compensation expenses during the fiscal&lt;i&gt;&amp;#160;&lt;/i&gt;years ended August 31, 2016, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;u&gt;Income Taxes&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company uses a &amp;#8220;more-likely-than-not&amp;#8221;&#13;threshold for the recognition and de-recognition of tax positions, including any potential interest and penalties relating to tax&#13;positions taken by the Company. The Company does not have any significant unrecognized tax benefits as of August 31, 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company files income tax returns with the&#13;Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal 2012 through fiscal&#13;2015. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s policy is to recognize interest&#13;and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At August 31, 2016, the Company did&#13;not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized&#13;during the fiscal years ended August 31, 2016, 2015 or 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;u&gt;Discontinued Operations&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In August 2015, the Company sold approximately&#13;14,600 acres of irrigated farm land and related Arkansas River water rights, which were substantially all of the assets comprising&#13;the Company&amp;#8217;s agricultural segment. Pursuant to the terms of the purchase and sale agreement, the Company continued to manage&#13;and receive the lease income until December&amp;#160;31, 2015. As a consequence of the sale, the operating results and the assets and&#13;liabilities of the discontinued operations, which formerly comprised the agricultural segment, are presented separately in the&#13;Company&amp;#8217;s consolidated financial statements. Summarized financial information for the discontinued agricultural business&#13;is shown below. Prior period balances have been reclassified to present the operations of the agricultural business as a discontinued&#13;operation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;Discontinued Operations Statements of Operations&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;Fiscal years ended August 31,&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2016&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2015&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2014&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Farm revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$267,472&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$1,127,155&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$1,068,026&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Farm expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(77,132)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(126,279)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(88,105)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Gross profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;190,340&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;1,000,876&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;979,921&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;General and administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(313,389)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(760,192)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(911,230)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Impairment of land and water rights held for sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(390,505)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(239,200)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest imputed on the Tap Participation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Fee payable to HP A&amp;#38;M (2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: white 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: white 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(23,816)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: white 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(1,445,509)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; - &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; (292,729 )&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; -&amp;#160; &amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Loss from discontinued operations, net of taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$(80,348)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$(22,552,801)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$(596,957)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -27pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest&#13;    expense represents interest accrued related to notes the Company had on its farm assets prior to the sale. All notes associated&#13;    with the farms have been paid off, and as a result the Company no longer incurs interest on such notes.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 60px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Imputed interest represents an estimate of the interest accrued on the Tap Participation Fee payable to High Plains A&amp;#38;M, LLC (&amp;#8220;HP A&amp;#38;M&amp;#8221;), which was eliminated as a result of the settlement with HP A&amp;#38;M during the three months ended February 28, 2015. As a result, the Company no longer accrues interest related to the Tap Participation Fee.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company anticipates continued expenses through&#13;the end of calendar 2016 related to the discontinued operations. The Company will continue to incur expenses related to the remaining&#13;agricultural land the Company continues to own and for the purpose of collecting outstanding receivables.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The individual assets and liabilities of the&#13;discontinued agricultural business are combined in the captions &amp;#8220;Assets of discontinued operations&amp;#8221; and &amp;#8220;Liabilities&#13;of discontinued operations&amp;#8221; in the consolidated balance sheets. The carrying amounts of the major classes of assets and liabilities&#13;included part of the discontinued business are presented in the following table:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;Discontinued Operations Balance Sheets&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;August 31,&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2016&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2015&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Trade accounts receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$227,060&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$549,993&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Escrow receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;1,342,250&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Land held for sale (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;450,347&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Prepaid expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;2,880&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;65,309&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$680,287&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$1,957,552&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Accounts payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$25,704&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Accrued liabilities&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$117,329&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 24px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;Land Held for Sale.&lt;/i&gt;&lt;/b&gt; During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $450,300. The farms were acquired to correct dry-up covenant issues related to water only farms to obtain the release of the escrow funds related to the Company&amp;#8217;s farm sale to Arkansas River Farms, LLC. The Company intends to sell the farms within the next fiscal year.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;u&gt;Loss per Common Share&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Loss per common share is computed by dividing&#13;net loss by the weighted average number of shares outstanding during each period. Common stock options and warrants aggregating&#13;338,100, 312,100, and 315,100 common share equivalents as of August 31, 2016, 2015 and 2014, respectively, have been excluded from&#13;the calculation of loss per common share as their effect is anti-dilutive.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&lt;u&gt;Recently Issued Accounting Pronouncements&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company continually assesses any new accounting&#13;pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&amp;#8217;s&#13;financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements&#13;and ensure that there are proper controls in place to ascertain that the Company&amp;#8217;s consolidated financial statements properly&#13;reflect the change. New pronouncements assessed by the Company recently are discussed below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In May 2016, the Financial Accounting Standards&#13;Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2016-12, &lt;i&gt;Revenue from Contracts with Customers&#13;(Topic 606): Narrow-Scope Improvements and Practical&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;Expedients.&lt;/i&gt; ASU 2016-12 provides for&#13;amendments to ASU No. 2014-09, &lt;i&gt;Revenue from Contracts with Customers&lt;/i&gt;, amending the guidance on transition, collectability,&#13;noncash consideration and the presentation of sales and other similar taxes. Specifically, ASU 2016-12 clarifies that, for a contract&#13;to be considered completed at transition, all (or substantially all) of the revenue must have been recognized under legacy GAAP.&#13;In addition, ASU 2016-12 clarifies how an entity should evaluate the collectability threshold and when an entity can recognize&#13;nonrefundable consideration received as revenue if an arrangement does not meet the standard&amp;#8217;s contract criteria. ASU 2016-12&#13;is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting&#13;period. Early adoption is&amp;#160;permitted only for annual reporting periods beginning after December 15, 2016, including interim&#13;periods within that period.&amp;#160;The Company is assessing the impact of ASU 2016-12, but it does not expect the adoption of ASU&#13;2016-12 to have a material impact on its financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In April 2016, the FASB issued ASU No. 2016-10,&#13;&lt;i&gt;Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing&lt;/i&gt;. ASU 2016-10 provides&#13;for amendments to ASU No. 2014-09, &lt;i&gt;Revenue from Contracts with Customers,&lt;/i&gt; reducing the complexity when applying the guidance&#13;for identifying performance obligations and improving the operability and understandability of the license implementation guidance.&#13;ASU 2016-10 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within&#13;that reporting period. Early adoption is&amp;#160;permitted only for annual reporting periods beginning after December 15, 2016, including&#13;interim periods within that period. The Company is assessing the impact of ASU 2016-10, but it does not expect the adoption of&#13;ASU 2016-10 to have a material impact on its financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In March 2016, the FASB issued ASU No. 2016-08,&#13;&lt;i&gt;Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)&lt;/i&gt;.&#13;ASU 2016-08 provides for amendments to ASU No. 2014-09, &lt;i&gt;Revenue from Contracts with Customers&lt;/i&gt;, clarifying the implementation&#13;guidance on principal versus agent considerations in the new revenue recognition standard. Specifically, ASU 2016-08 clarifies&#13;how an entity should identify the unit of accounting (i.e., the specified good or service) for the principal versus agent evaluation&#13;and how it should apply the control principle to certain types of arrangements. ASU 2016- is effective for annual reporting periods&#13;beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is&amp;#160;permitted&#13;only for annual reporting periods beginning after December 15, 2016, including interim periods within that period. The Company&#13;is assessing the impact of ASU 2016-08, but it does not expect the adoption of ASU 2016-08 to have a material impact on its financial&#13;statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In April 2014, the FASB issued ASU No. 2014-08,&#13;&lt;i&gt;Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):&lt;/i&gt;&amp;#160;&lt;i&gt;Reporting Discontinued&#13;Operations and Disclosures of Disposals of Components of an Entity&lt;/i&gt;. ASU 2014-08 changes the presentation and disclosure requirements&#13;for discontinued operations. The update was adopted by the Company in fiscal year 2016.&lt;/p&gt;</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company generates revenues through one line&#13;of business. Its revenues are derived through its wholesale water and wastewater business, which is described below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company generates revenues through its wholesale&#13;water and wastewater business predominately from three sources: (i) monthly wholesale water usage fees and wastewater service fees,&#13;(ii) one-time water and wastewater tap fees and construction fees, and (iii) consulting fees. Because these items are separately&#13;delivered, the Company accounts for each of the items separately, as described below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 12pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;i.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Monthly wholesale water and wastewater service fees&lt;/u&gt; &lt;b&gt;&lt;i&gt;&amp;#8211;&lt;/i&gt;&lt;/b&gt; Monthly wholesale water usage charges are assessed to the Company&amp;#8217;s customers based on actual metered usage each month plus a base monthly service fee assessed per single family equivalent (&amp;#8220;SFE&amp;#8221;) unit served. One SFE is a customer, whether residential, commercial or industrial, that imparts a demand on the Company&amp;#8217;s water or wastewater systems similar to the demand of a family of four persons living in a single family house on a standard sized lot. One SFE is assumed to have a water demand of approximately 0.4 acre feet per year and to contribute wastewater flows of approximately 300 gallons per day. Water usage pricing uses a tiered pricing structure. The Company recognizes wholesale water usage revenues upon delivering water to its customers or its governmental customers&amp;#8217; end-use customers, as applicable. Revenues recognized by the Company from the sale of &amp;#34;Export Water&amp;#34; are shown gross of royalties to the State of Colorado Board of Land Commissioners (the &amp;#8220;Land Board&amp;#8221;). Revenues recognized by the Company from the sale of water on the &amp;#34;Lowry Range&amp;#34; are shown net of royalties paid to the Land Board and amounts retained by the Rangeview Metropolitan District (the &amp;#8220;District&amp;#8221;). See further description of &amp;#34;Export Water&amp;#34; and the &amp;#34;Lowry Range&amp;#34; in Note 4 - &lt;i&gt;Water and Land Assets&lt;/i&gt; under &amp;#34;Rangeview Water Supply and Water System.&amp;#34;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognizes wastewater processing&#13;revenues monthly based on usage. The monthly wastewater service fees are shown net of amounts retained by the District. Amounts&#13;recognized for water and wastewater services during the fiscal years ended August 31, 2016, 2015 and 2014 are presented in the&#13;statements of operations. Costs of delivering water and providing wastewater service to customers are recognized as incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company delivered 33.9&amp;#160;million, 97.5&#13;million and 190.1 million gallons of water to customers during the fiscal years ended August 31, 2016, 2015 and 2014, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 12pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;ii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Water and wastewater tap fees and construction fees&lt;/u&gt; &amp;#8211;&lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;Tap fees, also called system development fees, are received in advance, are non-refundable and are typically used to fund construction of certain facilities and defray the acquisition costs of obtaining water rights. Construction fees are fees used by the Company to construct assets that are typically required to be constructed by developers or home builders and are separate from tap fees.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Proceeds from tap fees and construction fees&#13;are deferred upon receipt and recognized in income either upon completion of construction of infrastructure or ratably over time,&#13;depending on whether the Company owns the infrastructure constructed with the proceeds or a customer owns the infrastructure constructed&#13;with the proceeds.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Tap and construction fees derived from agreements&#13;in which the Company will not own the assets constructed with the fees are recognized as revenue using the percentage-of-completion&#13;method. Costs of construction of the assets when the Company will not own the assets are recorded as construction costs.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Tap and construction fees derived from agreements&#13;for which the Company will own the infrastructure are recognized as revenues ratably over the estimated accounting service life&#13;of the facilities constructed, starting at completion of construction, which could be in excess of 30 years. Costs of construction&#13;of the assets when the Company will own the assets are capitalized and depreciated over their estimated economic lives.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;From time to time, the Company enters into water&#13;service agreements to provide water service to customers. The Company owns the facilities which store, treat, and deliver the water&#13;and amortizes the cost of these facilities over their useful lives. The Company recognized $14,300 of tap fee revenue in each of&#13;the three fiscal years ended August 31, 2016, 2015 and 2014. The Company recognized $41,500 of &amp;#8220;Special Facilities&amp;#8221;&#13;funding as revenue in each of the three fiscal years ended August 31, 2016, 2015, and 2014. As of August 31, 2016, the Company&#13;has deferred recognition of $1.1 million of tap and construction revenue from customer agreements, which will be recognized as&#13;revenue ratably through 2036.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 12pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;iii.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Consulting fees&lt;/u&gt; &amp;#8211; Consulting fees are fees the Company receives, typically on a monthly basis, from municipalities and area water providers along the I-70 corridor, for contract operations services.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
    <us-gaap:DiscontinuedOperationsPolicyTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In August 2015, the Company sold approximately&#13;14,600 acres of irrigated farm land and related Arkansas River water rights, which were substantially all of the assets comprising&#13;the Company&amp;#8217;s agricultural segment. Pursuant to the terms of the purchase and sale agreement, the Company continued to manage&#13;and receive the lease income until December&amp;#160;31, 2015. As a consequence of the sale, the operating results and the assets and&#13;liabilities of the discontinued operations, which formerly comprised the agricultural segment, are presented separately in the&#13;Company&amp;#8217;s consolidated financial statements. Summarized financial information for the discontinued agricultural business&#13;is shown below. Prior period balances have been reclassified to present the operations of the agricultural business as a discontinued&#13;operation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;Discontinued Operations Statements of Operations&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;Fiscal years ended August 31,&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2016&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2015&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2014&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Farm revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$267,472&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$1,127,155&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$1,068,026&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Farm expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(77,132)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(126,279)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(88,105)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Gross profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;190,340&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;1,000,876&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;979,921&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;General and administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(313,389)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(760,192)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(911,230)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Impairment of land and water rights held for sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(402,657)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Operating (loss) profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(123,049)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;240,684&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(333,966)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Finance charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;38,428&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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-&amp;#160; &amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Loss from discontinued operations, net of taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$(80,348)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$(22,552,801)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$(596,957)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;(1)&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;Interest expense&#13;represents interest accrued related to notes the Company had on its farm assets prior to the sale. All notes associated with the&#13;farms have been paid off, and as a result the Company no longer incurs interest on such notes.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 60px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Imputed interest represents an estimate of the interest accrued on the Tap Participation Fee payable to High Plains A&amp;#38;M, LLC (&amp;#8220;HP A&amp;#38;M&amp;#8221;), which was eliminated as a result of the settlement with HP A&amp;#38;M during the three months ended February 28, 2015. As a result, the Company no longer accrues interest related to the Tap Participation Fee.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company anticipates continued expenses through&#13;the end of calendar 2016 related to the discontinued operations. The Company will continue to incur expenses related to the remaining&#13;agricultural land the Company continues to own and for the purpose of collecting outstanding receivables.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The individual assets and liabilities of the&#13;discontinued agricultural business are combined in the captions &amp;#8220;Assets of discontinued operations&amp;#8221; and &amp;#8220;Liabilities&#13;of discontinued operations&amp;#8221; in the consolidated balance sheets. The carrying amounts of the major classes of assets and liabilities&#13;included part of the discontinued business are presented in the following table:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;Discontinued Operations Balance Sheets&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;August 31,&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2016&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2015&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Prepaid expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;2,880&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;65,309&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$680,287&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$1,957,552&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;4,394&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;90,725&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;900&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$4,394&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$117,329&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 24px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;&lt;i&gt;Land Held for Sale.&lt;/i&gt;&lt;/b&gt; During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $450,300. The farms were acquired to correct dry-up covenant issues related to water only farms to obtain the release of the escrow funds related to the Company&amp;#8217;s farm sale to Arkansas River Farms, LLC. The Company intends to sell the farms within the next fiscal year.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:DiscontinuedOperationsPolicyTextBlock>
    <us-gaap:FairValueDisclosuresTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Fair value is defined as the price that would&#13;be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement&#13;date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both&#13;observable and unobservable, with use of the lowest possible level of input to determine fair value.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Level 1 &amp;#8212; Valuations for assets and liabilities&#13;traded in active exchange markets, such as the NASDAQ Stock Market. The Company had one of these assets and no liabilities as of&#13;August 31, 2016. The Company had no Level 1 assets or liabilities as of August 31, 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Level 2 &amp;#8212; Valuations for assets and liabilities&#13;obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities.&#13;The Company had 36 Level 2 assets as of August 31, 2016, which consist of certificates of deposit and U.S. treasury notes. The&#13;Company had no Level 2 assets or liabilities as of August 31, 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Level 3 &amp;#8212; Valuations for assets and&#13;liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar&#13;techniques, and not based on market exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain&#13;assumptions and projections in determining the fair value assigned to such assets or liabilities. The Company had no Level 3&#13;assets or liabilities as of August 31, 2016 or 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company maintains policies and procedures&#13;to value instruments using what management believes to be the best and most relevant data available.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Level 2 Asset &amp;#8211; Available for Sale&#13;Securities.&lt;/i&gt;&lt;/b&gt; The Company&amp;#8217;s available for sale securities are the Company&amp;#8217;s only financial asset measured at&#13;fair value on a recurring basis. The fair value of the available for sale securities is based on the values reported by the financial&#13;institutions where the funds are held.&amp;#160;These securities include only federally insured certificates of deposit.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table provides information on&#13;the assets and liabilities measured at fair value on a recurring basis as of August 31, 2016:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Fair Value Measurement Using: &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 40%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Cost / Other &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Quoted Prices in Active Markets for Identical Assets &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Significant Other Observable Inputs &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Significant Unobservable Inputs &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Accumulated Unrealized Gains and &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Fair Value &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Value &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; (Level 1) &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; (Level 2) &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; (Level 3) &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; (Losses) &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Money Market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$4,184,900&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; $4,184,900&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$4,184,900 &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; $-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; $-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; vertical-align: bottom"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; $-&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Available for sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$23,176,500&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$23,173,400&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$23,176,500&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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    <us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Deferred income taxes reflect the tax effects&#13;of net operating loss carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial&#13;reporting purposes and the amounts used for income tax purposes. Significant components of the Company&amp;#8217;s deferred tax assets&#13;as of August 31 are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 76%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; For the Fiscal Years Ended August 31, &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; 2016 &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; 2015 &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Net operating loss carryforwards&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$2,393,200&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$1,816,200&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Deferred revenue&lt;/font&gt;&lt;/td&gt;&#13; 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margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has recorded a valuation allowance&#13;against the deferred tax assets as the Company is unable to reasonably determine if it is more likely than not that deferred tax&#13;assets will ultimately be realized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Income taxes computed using the federal statutory&#13;income tax rate differs from our effective tax rate primarily due to the following for the fiscal years ended August 31:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; For the Fiscal Years Ended August 31, &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 64%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; 2016 &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; 2015 &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; 2014 &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Change in valuation allowance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;376,500&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;122,600&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(292,400)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total income tax expense / (benefit)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$-&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;At August 31, 2016, the Company has $6.5&amp;#160;million&#13;of net operating loss carryforwards available for income tax purposes, which expire between fiscal 2032 and 2036. Utilization of&#13;these net operating loss carryforwards may be subject to substantial annual ownership change limitations provided by the Internal&#13;Revenue Code. Such an annual limitation could result in the expiration of the net operating loss carryforwards before utilization.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;No net operating loss carryforwards expired&#13;during the fiscal years ended August 31, 2016 or 2015. Net operating loss carryforwards of $239,600 expired during the fiscal year&#13;ended August 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
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    <us-gaap:RevenueRecognitionServicesRoyaltyFees contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenues from the sale of Export Water are shown&#13;gross of royalties payable to the Land Board. Revenues from the sale of water on the Lowry Range are shown net of the royalties&#13;to the Land Board and the amounts retained by the District.&lt;/p&gt;</us-gaap:RevenueRecognitionServicesRoyaltyFees>
    <us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock contextRef="From2015-09-01to2016-08-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;Discontinued Operations Statements of Operations&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;Fiscal years ended August 31,&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2016&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2015&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2014&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Farm revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$267,472&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$1,127,155&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$1,068,026&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Farm expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(77,132)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(126,279)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(88,105)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Gross profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;190,340&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;1,000,876&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;979,921&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;General and administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(313,389)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(760,192)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(911,230)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Impairment of land and water rights held for sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(402,657)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Operating (loss) profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(123,049)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;240,684&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(333,966)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Finance charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;38,428&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;21,710&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;14,392&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(Loss) gain on sale of farm assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;4,273&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(22,108,145)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;1,407,326&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest expense (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(390,505)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(239,200)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest imputed on the Tap Participation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Fee payable to HP A&amp;#38;M (2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: white 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: white 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(23,816)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: white 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;(1,445,509)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160; - &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; (292,729 )&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; -&amp;#160; &amp;#160; &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; Loss from discontinued operations, net of taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$(80,348)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$(22,552,801)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$(596,957)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;(1)&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;Interest expense&#13;represents interest accrued related to notes the Company had on its farm assets prior to the sale. All notes associated with the&#13;farms have been paid off, and as a result the Company no longer incurs interest on such notes.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top; width: 60px; padding: 0.75pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding: 0.75pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Imputed interest represents an estimate of the interest accrued on the Tap Participation Fee payable to High Plains A&amp;#38;M, LLC (&amp;#8220;HP A&amp;#38;M&amp;#8221;), which was eliminated as a result of the settlement with HP A&amp;#38;M during the three months ended February 28, 2015. As a result, the Company no longer accrues interest related to the Tap Participation Fee.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;Discontinued Operations Balance Sheets&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;August 31,&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2016&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160; &lt;b&gt;2015&lt;/b&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Trade accounts receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$227,060&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$549,993&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Escrow receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;1,342,250&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Land held for sale (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;450,347&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;-&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Prepaid expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;2,880&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;65,309&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;$680,287&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-02" xml:lang="en-US">Interest expense represents interest accrued related to notes the Company had on its farm assets prior to the sale. All notes associated with the farms have been paid off, and as a result the Company no longer incurs interest on such notes.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-03" xml:lang="en-US">Imputed interest represents an estimate of the interest accrued on the Tap Participation Fee payable to High Plains A&amp;M, LLC ("HP A&amp;M"), which was eliminated as a result of the settlement with HP A&amp;M during the three months ended February 28, 2015. As a result, the Company no longer accrues interest related to the Tap Participation Fee.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-04" xml:lang="en-US">During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $450,300. The farms were acquired to correct dry-up covenant issues related to water only farms to obtain the release of the escrow funds related to the Company's farm sale to Arkansas River Farms, LLC. The Company intends to sell the farms within the next fiscal year.</link:footnote>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/UnauditedQuarterlyFinancialData" id="UnauditedQuarterlyFinancialData">
	  <link:definition>00000021 - Disclosure - UNAUDITED QUARTERLY FINANCIAL DATA</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/SubsequentEvents" id="SubsequentEvents">
	  <link:definition>00000022 - Disclosure - SUBSEQUENT EVENTS</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://purecyclewater.com/role/PresentationOfInterimInformationPolicies" id="PresentationOfInterimInformationPolicies">
	  <link:definition>00000023 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</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/SummaryOfSignificantAccountingPoliciesTables" id="SummaryOfSignificantAccountingPoliciesTables">
	  <link:definition>00000024 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)</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/FairValueMeasurementsTables" id="FairValueMeasurementsTables">
	  <link:definition>00000025 - Disclosure - FAIR VALUE MEASUREMENTS (Tables)</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/InvestmentsInWaterWaterSystemsLandAndImprovementsTables" id="InvestmentsInWaterWaterSystemsLandAndImprovementsTables">
	  <link:definition>00000026 - Disclosure - WATER AND LAND ASSETS (Tables)</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/ParticipatingInterestsInExportWaterTables" id="ParticipatingInterestsInExportWaterTables">
	  <link:definition>00000027 - Disclosure - PARTICIPATING INTERESTS IN EXPORT WATER (Tables)</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/ShareholdersEquityTables" id="ShareholdersEquityTables">
	  <link:definition>00000028 - Disclosure - SHAREHOLDERS' EQUITY (Tables)</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/IncomeTaxesTables" id="IncomeTaxesTables">
	  <link:definition>00000029 - Disclosure - INCOME TAXES (Tables)</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/RelatedPartyTransactionsTables" id="RelatedPartyTransactionsTables">
	  <link:definition>00000030 - Disclosure - RELATED PARTY TRANSACTIONS (Tables)</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/UnauditedQuarterlyFinancialDataTables" id="UnauditedQuarterlyFinancialDataTables">
	  <link:definition>00000031 - Disclosure - UNAUDITED QUARTERLY FINANCIAL DATA (Tables)</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/OrganizationDetailsNarrative" id="OrganizationDetailsNarrative">
	  <link:definition>00000032 - Disclosure - ORGANIZATION (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/SummaryOfSignificantAccountingPoliciesDetails" id="SummaryOfSignificantAccountingPoliciesDetails">
	  <link:definition>00000033 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)</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/PresentationOfInterimInformationDetailsNarrative" id="PresentationOfInterimInformationDetailsNarrative">
	  <link:definition>00000034 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (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/FairValueMeasurementsDetails" id="FairValueMeasurementsDetails">
	  <link:definition>00000035 - Disclosure - FAIR VALUE MEASUREMENTS (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/WaterAndLandAssetsDetails" id="WaterAndLandAssetsDetails">
	  <link:definition>00000036 - Disclosure - WATER AND LAND ASSETS (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/WaterAndLandAssetsDetailNarrative" id="WaterAndLandAssetsDetailNarrative">
	  <link:definition>00000037 - Disclosure - WATER AND LAND ASSETS (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/ParticipatingInterestsInExportWaterDetails" id="ParticipatingInterestsInExportWaterDetails">
	  <link:definition>00000038 - Disclosure - PARTICIPATING INTERESTS IN EXPORT WATER (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/AccruedLiabilitiesDetailNarrative" id="AccruedLiabilitiesDetailNarrative">
	  <link:definition>00000039 - 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/ShareholdersEquityDetails" id="ShareholdersEquityDetails">
	  <link:definition>00000040 - Disclosure - SHAREHOLDERS' EQUITY (Details)</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/ShareholdersEquityDetails1" id="ShareholdersEquityDetails1">
	  <link:definition>00000041 - Disclosure - SHAREHOLDERS' EQUITY (Details 1)</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/ShareholdersEquityDetailsNarrative" id="ShareholdersEquityDetailsNarrative">
	  <link:definition>00000042 - 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/SignificantCustomersDetailsNarrative" id="SignificantCustomersDetailsNarrative">
	  <link:definition>00000043 - Disclosure - SIGNIFICANT CUSTOMERS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/IncomeTaxesDetails" id="IncomeTaxesDetails">
	  <link:definition>00000044 - Disclosure - INCOME TAXES (Details)</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/IncomeTaxesDetails1" id="IncomeTaxesDetails1">
	  <link:definition>00000045 - Disclosure - INCOME TAXES (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/IncomeTaxesDetailsNarrative" id="IncomeTaxesDetailsNarrative">
	  <link:definition>00000046 - Disclosure - INCOME TAXES (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/KPlanDetailsNarrative" id="KPlanDetailsNarrative">
	  <link:definition>00000047 - Disclosure - 401(k) PLAN (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/RelatedPartyTransactionsDetails" id="RelatedPartyTransactionsDetails">
	  <link:definition>00000048 - Disclosure - RELATED PARTY TRANSACTIONS (Details)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://purecyclewater.com/role/UnauditedQuarterlyFinancialDataDetails" id="UnauditedQuarterlyFinancialDataDetails">
	  <link:definition>00000049 - Disclosure - UNAUDITED QUARTERLY FINANCIAL DATA (Details)</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>17
<FILENAME>pcyo-20160831_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>19
<FILENAME>pcyo-20160831_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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      <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 District's Significant Customer</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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">Oil and Gas Industry Customer</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableMember" xlink:label="us-gaap_AccountsReceivableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableMember" xlink:to="us-gaap_AccountsReceivableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableMember_lbl" xml:lang="en-US">Accounts Receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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-20160831.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="pcyo-20160831.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-20160831.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-20160831.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="us-gaap_PreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockMember" xlink:to="us-gaap_PreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockMember_lbl" xml:lang="en-US">Preferred Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Equity Components [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-In Capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeMember" xlink:label="us-gaap_ComprehensiveIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeMember" xlink:to="us-gaap_ComprehensiveIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeMember_lbl" xml:lang="en-US">Accumulated Comprehensive Income (Loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Accumulated Deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_OilAndGasLeaseMember" xlink:label="pcyo_OilAndGasLeaseMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OilAndGasLeaseMember" xlink:to="pcyo_OilAndGasLeaseMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_OilAndGasLeaseMember_lbl" xml:lang="en-US">Oil And Gas Lease</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRevenueArrangementTypeAxis" xlink:label="us-gaap_DeferredRevenueArrangementTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueArrangementTypeAxis" xlink:to="us-gaap_DeferredRevenueArrangementTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenueArrangementTypeAxis_lbl" xml:lang="en-US">Deferred Revenue Arrangement Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_CollateralStockMember" xlink:label="pcyo_CollateralStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CollateralStockMember" xlink:to="pcyo_CollateralStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_CollateralStockMember_lbl" xml:lang="en-US">Collateral Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConstructionInProgressMember" xlink:label="us-gaap_ConstructionInProgressMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionInProgressMember" xlink:to="us-gaap_ConstructionInProgressMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConstructionInProgressMember_lbl" xml:lang="en-US">Construction in Progress</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_WISEOperationsMember" xlink:label="pcyo_WISEOperationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WISEOperationsMember" xlink:to="pcyo_WISEOperationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WISEOperationsMember_lbl" xml:lang="en-US">Operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="us-gaap_RelatedPartyTransactionAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionAxis" xlink:to="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xml:lang="en-US">Related Party Transaction [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_WISEWaterDeliveryMember" xlink:label="pcyo_WISEWaterDeliveryMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WISEWaterDeliveryMember" xlink:to="pcyo_WISEWaterDeliveryMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WISEWaterDeliveryMember_lbl" xml:lang="en-US">Water Delivery</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_WISECapitalMember" xlink:label="pcyo_WISECapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WISECapitalMember" xlink:to="pcyo_WISECapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WISECapitalMember_lbl" xml:lang="en-US">Capital</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_WISEOtherMember" xlink:label="pcyo_WISEOtherMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WISEOtherMember" xlink:to="pcyo_WISEOtherMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WISEOtherMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <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/2014/dei-2014-01-31.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/2014/dei-2014-01-31.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/2014/dei-2014-01-31.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/2014/dei-2014-01-31.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/2014/dei-2014-01-31.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/2014/dei-2014-01-31.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/2014/dei-2014-01-31.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/2014/dei-2014-01-31.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/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <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/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <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/2014/dei-2014-01-31.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/2014/dei-2014-01-31.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" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
      <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>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <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 equilvalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShortTermInvestments" xlink:label="us-gaap_ShortTermInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermInvestments" xlink:to="us-gaap_ShortTermInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShortTermInvestments_lbl" xml:lang="en-US">Short-term investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Trade accounts receivable, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="us-gaap_DueFromRelatedPartiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedPartiesCurrent" xlink:to="us-gaap_DueFromRelatedPartiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromRelatedPartiesCurrent_lbl" xml:lang="en-US">Sky Ranch receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="us-gaap_PrepaidExpenseCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseCurrent_lbl" xml:lang="en-US">Prepaid expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:to="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent_lbl" xml:lang="en-US">Assets of discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="us-gaap_LongTermInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermInvestments" xlink:to="us-gaap_LongTermInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermInvestments_lbl" xml:lang="en-US">Long-term investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Investments in water and water systems, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LandAndLandImprovements" xlink:label="us-gaap_LandAndLandImprovements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LandAndLandImprovements" xlink:to="us-gaap_LandAndLandImprovements_lbl" xlink:type="arc" />
      <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 and mineral interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Notes receivable - related parties, including accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="us-gaap_AccruedIncomeTaxesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedIncomeTaxesCurrent" xlink:to="us-gaap_AccruedIncomeTaxesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedIncomeTaxesCurrent_lbl" xml:lang="en-US">Income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160831.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:label="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:to="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_lbl" xml:lang="en-US">Liabilities of discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160831.xsd#pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion" xlink:label="pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion" xlink:to="pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion_lbl" xml:lang="en-US">Deferred oil and gas lease payment, less current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160831.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/2016/elts/us-gaap-2016-01-31.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 milllion shares authorized 432,513 shares issued and outstanding (liquidation preference of $432,513)</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValueOutstanding" xlink:label="us-gaap_CommonStockValueOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValueOutstanding" xlink:to="us-gaap_CommonStockValueOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValueOutstanding_lbl" xml:lang="en-US">Par value 1/3 of $.01 per share, 40 million shares authorized; 23,754,098 and 24,054,098 shares issued and outstanding, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue" xlink:label="us-gaap_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue" xlink:to="us-gaap_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue_lbl" xml:lang="en-US">Collateral stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 other comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160831.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SalesRevenueGoodsGross" xlink:label="us-gaap_SalesRevenueGoodsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueGoodsGross" xlink:to="us-gaap_SalesRevenueGoodsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueGoodsGross_lbl" xml:lang="en-US">Metered water usage</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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="pcyo-20160831.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-20160831.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="pcyo-20160831.xsd#pcyo_OtherSalesRevenue" xlink:label="pcyo_OtherSalesRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OtherSalesRevenue" xlink:to="pcyo_OtherSalesRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_OtherSalesRevenue_lbl" xml:lang="en-US">Other income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingCostsAndExpensesAbstract" xlink:label="us-gaap_OperatingCostsAndExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingCostsAndExpensesAbstract" xlink:to="us-gaap_OperatingCostsAndExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingCostsAndExpensesAbstract_lbl" xml:lang="en-US">Expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160831.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160831.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>
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      <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="pcyo-20160831.xsd#pcyo_OilAndGasRoyaltyIncome" xlink:label="pcyo_OilAndGasRoyaltyIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OilAndGasRoyaltyIncome" xlink:to="pcyo_OilAndGasRoyaltyIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_OilAndGasRoyaltyIncome_lbl" xml:lang="en-US">Oil and gas royalty income, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="pcyo-20160831.xsd#pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt" xlink:label="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt" xlink:to="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt_lbl" xml:lang="en-US">Gain on extinguishment of contingent obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations" xlink:label="us-gaap_IncomeLossFromContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperations" xlink:to="us-gaap_IncomeLossFromContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperations_lbl" xml:lang="en-US">Net (loss) income from continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_lbl" xml:lang="en-US">Net loss from discontinued operations, net of taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Net loss before taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 holding gains</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Total comprehensive loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:to="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xml:lang="en-US">Basic and diluted net (loss) income per common share -</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare_lbl" xml:lang="en-US">(Loss) income from cotinuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare_lbl" xml:lang="en-US">Loss from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Balance, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Balance, beginning shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition_lbl" xml:lang="en-US">Share-based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Allocation of net revenues to TPF</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrealizedGainLossOnInvestments" xlink:label="us-gaap_UnrealizedGainLossOnInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnInvestments" xlink:to="us-gaap_UnrealizedGainLossOnInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrealizedGainLossOnInvestments_lbl" xml:lang="en-US">Unrealized loss on investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US">Exercise of options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Exercise of options, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_AdjustmentsToAdditionalPaidInCapitalOther1" xlink:label="pcyo_AdjustmentsToAdditionalPaidInCapitalOther1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AdjustmentsToAdditionalPaidInCapitalOther1" xlink:to="pcyo_AdjustmentsToAdditionalPaidInCapitalOther1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_AdjustmentsToAdditionalPaidInCapitalOther1_lbl" xml:lang="en-US">Reduction in TPF due to remedies under the Arkansas River Agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnInvestments" xlink:label="us-gaap_GainLossOnInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnInvestments" xlink:to="us-gaap_GainLossOnInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnInvestments_lbl" xml:lang="en-US">Realized gain on investments</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_CollateralStock" xlink:label="pcyo_CollateralStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CollateralStock" xlink:to="pcyo_CollateralStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_CollateralStock_lbl" xml:lang="en-US">Collateral stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_lbl" xml:lang="en-US">Collateral stock retired</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_lbl" xml:lang="en-US">Collateral stock retired, shares</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/verboseLabel" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net loss</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_2_lbl" xml:lang="en-US">Unrealized holding gain on investments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Balance, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesOutstanding_2_lbl" xml:lang="en-US">Balance, ending, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 provided by (used in) operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Share-based compensation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="pcyo-20160831.xsd#pcyo_InvestmentInWellEnhancementRecoverSystems" xlink:label="pcyo_InvestmentInWellEnhancementRecoverSystems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_InvestmentInWellEnhancementRecoverSystems" xlink:to="pcyo_InvestmentInWellEnhancementRecoverSystems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_InvestmentInWellEnhancementRecoverSystems_lbl" xml:lang="en-US">Investment in Well Enhancement Recovery Systems, LLC</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestAndOtherIncome" xlink:label="us-gaap_InterestAndOtherIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndOtherIncome" xlink:to="us-gaap_InterestAndOtherIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestAndOtherIncome_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/2016/elts/us-gaap-2016-01-31.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 related parties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt" xlink:to="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt_2_lbl" xml:lang="en-US">Gain on extinguishment of contingent obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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">Note receivable - related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInIncomeTaxes" xlink:label="us-gaap_IncreaseDecreaseInIncomeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInIncomeTaxes" xlink:to="us-gaap_IncreaseDecreaseInIncomeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInIncomeTaxes_lbl" xml:lang="en-US">Income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xml:lang="en-US">Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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 and gas lease</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash used in operating activities from continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Net cash provided by operating activities from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 provided by (used in) operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="pcyo-20160831.xsd#pcyo_PurchaseOfShortTermInvestments" xlink:label="pcyo_PurchaseOfShortTermInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PurchaseOfShortTermInvestments" xlink:to="pcyo_PurchaseOfShortTermInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PurchaseOfShortTermInvestments_lbl" xml:lang="en-US">Purchase of short-term investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="us-gaap_PaymentsToAcquireInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInvestments" xlink:to="us-gaap_PaymentsToAcquireInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireInvestments_lbl" xml:lang="en-US">Purchase of long-term investments</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ProceedsFromSaleOfLandAndEasments" xlink:label="pcyo_ProceedsFromSaleOfLandAndEasments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ProceedsFromSaleOfLandAndEasments" xlink:to="pcyo_ProceedsFromSaleOfLandAndEasments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ProceedsFromSaleOfLandAndEasments_lbl" xml:lang="en-US">Proceeds from sale of land and easments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash used in investing activities from continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Net cash provided by (used in) investing activities from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 (used) by investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_2_lbl" xml:lang="en-US">Proceeds from exercise of options</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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">Payment to contingent liability holders</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities from continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Net cash used in financing activities from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 year</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 year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RetirementOfCollateralStock" xlink:label="pcyo_RetirementOfCollateralStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RetirementOfCollateralStock" xlink:to="pcyo_RetirementOfCollateralStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RetirementOfCollateralStock_lbl" xml:lang="en-US">Retirement of collateral stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesReduction" xlink:label="us-gaap_NotesReduction" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReduction" xlink:to="us-gaap_NotesReduction_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesReduction_lbl" xml:lang="en-US">Reduction in Tap Participation Fee liability resulting from remedies under the Arkansas River Agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ReductionInTapParticipationFeeLiabilityHpAmReceivableCollateralStockAndMineralInterestsReceivedAsResultOfSettlementOfArkansasRiverAgreement" xlink:label="pcyo_ReductionInTapParticipationFeeLiabilityHpAmReceivableCollateralStockAndMineralInterestsReceivedAsResultOfSettlementOfArkansasRiverAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ReductionInTapParticipationFeeLiabilityHpAmReceivableCollateralStockAndMineralInterestsReceivedAsResultOfSettlementOfArkansasRiverAgreement" xlink:to="pcyo_ReductionInTapParticipationFeeLiabilityHpAmReceivableCollateralStockAndMineralInterestsReceivedAsResultOfSettlementOfArkansasRiverAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ReductionInTapParticipationFeeLiabilityHpAmReceivableCollateralStockAndMineralInterestsReceivedAsResultOfSettlementOfArkansasRiverAgreement_lbl" xml:lang="en-US">Reduction in Tap Participation Fee liability, HP A&amp;M receivable, collateral stock, and mineral interests received as a result of settlement of the Arkansas River Agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1" xlink:to="us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1_lbl" xml:lang="en-US">Assets acquired through WISE funding obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureOrganizationAbstract" xlink:label="pcyo_DisclosureOrganizationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureOrganizationAbstract" xlink:to="pcyo_DisclosureOrganizationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureOrganizationAbstract_lbl" xml:lang="en-US">Organization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">ORGANIZATION</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureFairValueMeasurementsAbstract" xlink:label="pcyo_DisclosureFairValueMeasurementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureFairValueMeasurementsAbstract" xlink:to="pcyo_DisclosureFairValueMeasurementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureFairValueMeasurementsAbstract_lbl" xml:lang="en-US">Fair Value Measurements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xml:lang="en-US">FAIR VALUE MEASUREMENTS</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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">WATER AND LAND ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureParticipatingInterestsInExportWaterAbstract" xlink:label="pcyo_DisclosureParticipatingInterestsInExportWaterAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureParticipatingInterestsInExportWaterAbstract" xlink:to="pcyo_DisclosureParticipatingInterestsInExportWaterAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureParticipatingInterestsInExportWaterAbstract_lbl" xml:lang="en-US">Participating Interests In Export Water</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ParticipatingInterestsInExportWaterDisclosure" xlink:label="pcyo_ParticipatingInterestsInExportWaterDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ParticipatingInterestsInExportWaterDisclosure" xlink:to="pcyo_ParticipatingInterestsInExportWaterDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ParticipatingInterestsInExportWaterDisclosure_lbl" xml:lang="en-US">PARTICIPATING INTERESTS IN EXPORT WATER</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureAccruedLiabilitiesAbstract" xlink:label="pcyo_DisclosureAccruedLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureAccruedLiabilitiesAbstract" xlink:to="pcyo_DisclosureAccruedLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureAccruedLiabilitiesAbstract_lbl" xml:lang="en-US">Accrued Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US">ACCRUED LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureLongtermObligationsAndOperatingLeaseAbstract" xlink:label="pcyo_DisclosureLongtermObligationsAndOperatingLeaseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureLongtermObligationsAndOperatingLeaseAbstract" xlink:to="pcyo_DisclosureLongtermObligationsAndOperatingLeaseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureLongtermObligationsAndOperatingLeaseAbstract_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/2016/elts/us-gaap-2016-01-31.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 DEBT AND OPERATING LEASE</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureShareholdersEquityAbstract" xlink:label="pcyo_DisclosureShareholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureShareholdersEquityAbstract" xlink:to="pcyo_DisclosureShareholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureShareholdersEquityAbstract_lbl" xml:lang="en-US">Shareholders Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="pcyo-20160831.xsd#pcyo_DisclosureSignificantCustomersAbstract" xlink:label="pcyo_DisclosureSignificantCustomersAbstract" />
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      <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-20160831.xsd#pcyo_DisclosureUnauditedQuarterlyFinancialDataAbstract" xlink:label="pcyo_DisclosureUnauditedQuarterlyFinancialDataAbstract" />
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      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosurePresentationOfInterimInformationPoliciesAbstract" xlink:label="pcyo_DisclosurePresentationOfInterimInformationPoliciesAbstract" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:to="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_lbl" xml:lang="en-US">Discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureFairValueMeasurementsTablesAbstract" xlink:label="pcyo_DisclosureFairValueMeasurementsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureFairValueMeasurementsTablesAbstract" xlink:to="pcyo_DisclosureFairValueMeasurementsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureFairValueMeasurementsTablesAbstract_lbl" xml:lang="en-US">Fair Value Measurements Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl" xml:lang="en-US">Schedule of fair value of assets and liabilities measured on a recurring basis</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureInvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract" xlink:label="pcyo_DisclosureInvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureInvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract" xlink:to="pcyo_DisclosureInvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureInvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract_lbl" xml:lang="en-US">Investments In Water Water Systems Land And Improvements Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ScheduleOfWaterAndWaterSystems" xlink:label="pcyo_ScheduleOfWaterAndWaterSystems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ScheduleOfWaterAndWaterSystems" xlink:to="pcyo_ScheduleOfWaterAndWaterSystems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ScheduleOfWaterAndWaterSystems_lbl" xml:lang="en-US">Schedule of water and water systems</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureParticipatingInterestsInExportWaterTablesAbstract" xlink:label="pcyo_DisclosureParticipatingInterestsInExportWaterTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureParticipatingInterestsInExportWaterTablesAbstract" xlink:to="pcyo_DisclosureParticipatingInterestsInExportWaterTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureParticipatingInterestsInExportWaterTablesAbstract_lbl" xml:lang="en-US">Participating Interests In Export Water Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ScheduleOfRemainingThirdPartyObligationTableTextBlock" xlink:label="pcyo_ScheduleOfRemainingThirdPartyObligationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ScheduleOfRemainingThirdPartyObligationTableTextBlock" xlink:to="pcyo_ScheduleOfRemainingThirdPartyObligationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ScheduleOfRemainingThirdPartyObligationTableTextBlock_lbl" xml:lang="en-US">Schedule of remaining third party obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureShareholdersEquityTablesAbstract" xlink:label="pcyo_DisclosureShareholdersEquityTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureShareholdersEquityTablesAbstract" xlink:to="pcyo_DisclosureShareholdersEquityTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureShareholdersEquityTablesAbstract_lbl" xml:lang="en-US">Shareholders Equity Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US">Schedule of stock option activity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock_lbl" xml:lang="en-US">Schedule of activity and value of non-vested options</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureIncomeTaxesTablesAbstract" xlink:label="pcyo_DisclosureIncomeTaxesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureIncomeTaxesTablesAbstract" xlink:to="pcyo_DisclosureIncomeTaxesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureIncomeTaxesTablesAbstract_lbl" xml:lang="en-US">Income Taxes Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:label="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Schedule of deferred tax assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US">Schedule of income tax reconciliation</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureRelatedPartyTransactionsTablesAbstract" xlink:label="pcyo_DisclosureRelatedPartyTransactionsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureRelatedPartyTransactionsTablesAbstract" xlink:to="pcyo_DisclosureRelatedPartyTransactionsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureRelatedPartyTransactionsTablesAbstract_lbl" xml:lang="en-US">Related Party Transactions Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl" xml:lang="en-US">Related party transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_UnauditedQuarterlyFinancialDataTablesAbstract" xlink:label="pcyo_UnauditedQuarterlyFinancialDataTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_UnauditedQuarterlyFinancialDataTablesAbstract" xlink:to="pcyo_UnauditedQuarterlyFinancialDataTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_UnauditedQuarterlyFinancialDataTablesAbstract_lbl" xml:lang="en-US">Unaudited Quarterly Financial Data Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:label="us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:to="us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock_lbl" xml:lang="en-US">Quarterly results of operations</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureOrganizationDetailsNarrativeAbstract" xlink:label="pcyo_DisclosureOrganizationDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureOrganizationDetailsNarrativeAbstract" xlink:to="pcyo_DisclosureOrganizationDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureOrganizationDetailsNarrativeAbstract_lbl" xml:lang="en-US">Organization Details Narrative</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_4_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_WorkingCapital" xlink:label="pcyo_WorkingCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WorkingCapital" xlink:to="pcyo_WorkingCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WorkingCapital_lbl" xml:lang="en-US">Working capital</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstract" xlink:label="pcyo_DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstract" xlink:to="pcyo_DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstract_lbl" xml:lang="en-US">Summary Of Significant Accounting Policies Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_lbl" xml:lang="en-US">Farm revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_lbl" xml:lang="en-US">Farm expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss_lbl" xml:lang="en-US">Gross profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisposalGroupIncludingDiscontinuedOperationAssetImpairment" xlink:label="pcyo_DisposalGroupIncludingDiscontinuedOperationAssetImpairment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisposalGroupIncludingDiscontinuedOperationAssetImpairment" xlink:to="pcyo_DisposalGroupIncludingDiscontinuedOperationAssetImpairment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisposalGroupIncludingDiscontinuedOperationAssetImpairment_lbl" xml:lang="en-US">Impairment of land and water rights held for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl" xml:lang="en-US">Operating (loss) profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense_lbl" xml:lang="en-US">Finance charges</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets" xlink:label="us-gaap_GainLossOnDispositionOfAssets" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnDispositionOfAssets_lbl" xml:lang="en-US">(Loss) gain on sale of farm assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_lbl" xml:lang="en-US">Interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisposalGroupIncludingDiscontinuedOperationImputedInterest" xlink:label="pcyo_DisposalGroupIncludingDiscontinuedOperationImputedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisposalGroupIncludingDiscontinuedOperationImputedInterest" xlink:to="pcyo_DisposalGroupIncludingDiscontinuedOperationImputedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisposalGroupIncludingDiscontinuedOperationImputedInterest_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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TaxesOther" xlink:label="us-gaap_TaxesOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TaxesOther" xlink:to="us-gaap_TaxesOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_TaxesOther_lbl" xml:lang="en-US">Taxes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_2_lbl" xml:lang="en-US">Loss from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:to="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract_lbl" xml:lang="en-US">Assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet_lbl" xml:lang="en-US">Trade accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisposalGroupIncludingDiscontinuedOperationEscrowReceivableNet" xlink:label="pcyo_DisposalGroupIncludingDiscontinuedOperationEscrowReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisposalGroupIncludingDiscontinuedOperationEscrowReceivableNet" xlink:to="pcyo_DisposalGroupIncludingDiscontinuedOperationEscrowReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisposalGroupIncludingDiscontinuedOperationEscrowReceivableNet_lbl" xml:lang="en-US">Escrow receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherAssets" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherAssets" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherAssets_lbl" xml:lang="en-US">Land held for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:to="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:label="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:to="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract_lbl" xml:lang="en-US">Liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayable" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayable" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayable_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities_lbl" xml:lang="en-US">Accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationDeferredRevenue" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationDeferredRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationDeferredRevenue" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationDeferredRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationDeferredRevenue_lbl" xml:lang="en-US">Deferred revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_FarmIncomeMember" xlink:label="pcyo_FarmIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_FarmIncomeMember" xlink:to="pcyo_FarmIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_FarmIncomeMember_lbl" xml:lang="en-US">Farm Income</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_MortgageTerm" xlink:label="pcyo_MortgageTerm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_MortgageTerm" xlink:to="pcyo_MortgageTerm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_MortgageTerm_lbl" xml:lang="en-US">Mortgage term</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US">Mortgage interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2003/role/verboseLabel" 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="pcyo-20160831.xsd#pcyo_WaterDeliveredToCustomers" xlink:label="pcyo_WaterDeliveredToCustomers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WaterDeliveredToCustomers" xlink:to="pcyo_WaterDeliveredToCustomers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_WaterDeliveredToCustomers_lbl" xml:lang="en-US">Water delivered to customers</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">Special facility (deferred construction) funding recognized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/verboseLabel" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestAndDividendIncomeOperating" xlink:label="us-gaap_InterestAndDividendIncomeOperating" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndDividendIncomeOperating" xlink:to="us-gaap_InterestAndDividendIncomeOperating_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestAndDividendIncomeOperating_lbl" xml:lang="en-US">Interest income related to construction of Special Facilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 lease revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:to="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xml:lang="en-US">Lease revenue from up-front payments</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_OperatingLeasesIncomeStatementLeaseRevenueCurrent" xlink:label="pcyo_OperatingLeasesIncomeStatementLeaseRevenueCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OperatingLeasesIncomeStatementLeaseRevenueCurrent" xlink:to="pcyo_OperatingLeasesIncomeStatementLeaseRevenueCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_OperatingLeasesIncomeStatementLeaseRevenueCurrent_lbl" xml:lang="en-US">Deferred revenue recognizable</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 earnings per share calculation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TimeSharingTransactionsAllowanceForUncollectibleAccounts" xlink:label="us-gaap_TimeSharingTransactionsAllowanceForUncollectibleAccounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TimeSharingTransactionsAllowanceForUncollectibleAccounts" xlink:to="us-gaap_TimeSharingTransactionsAllowanceForUncollectibleAccounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TimeSharingTransactionsAllowanceForUncollectibleAccounts_lbl" xml:lang="en-US">Allowance for uncollectible accounts</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">Stock-based compensation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MoneyMarketFundsAtCarryingValue" xlink:label="us-gaap_MoneyMarketFundsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MoneyMarketFundsAtCarryingValue" xlink:to="us-gaap_MoneyMarketFundsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MoneyMarketFundsAtCarryingValue_lbl" xml:lang="en-US">Money market</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="us-gaap_AvailableForSaleSecurities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecurities" xlink:to="us-gaap_AvailableForSaleSecurities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AvailableForSaleSecurities_lbl" xml:lang="en-US">Available for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_FarmLeasesMember" xlink:label="pcyo_FarmLeasesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_FarmLeasesMember" xlink:to="pcyo_FarmLeasesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_FarmLeasesMember_lbl" xml:lang="en-US">Farm Leases</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_SkyRanchMember" xlink:label="pcyo_SkyRanchMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SkyRanchMember" xlink:to="pcyo_SkyRanchMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_SkyRanchMember_lbl" xml:lang="en-US">Sky Ranch</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_AcresOfLandSold" xlink:label="pcyo_AcresOfLandSold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AcresOfLandSold" xlink:to="pcyo_AcresOfLandSold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_AcresOfLandSold_lbl" xml:lang="en-US">Acres of land sold</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_NumberOfFLCCSharesSold" xlink:label="pcyo_NumberOfFLCCSharesSold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NumberOfFLCCSharesSold" xlink:to="pcyo_NumberOfFLCCSharesSold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NumberOfFLCCSharesSold_lbl" xml:lang="en-US">Number of FLCC shares sold</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:to="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_2_lbl" xml:lang="en-US">Lease income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges" xlink:label="us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges" xlink:to="us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges_lbl" xml:lang="en-US">Impairment gain</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_CostsOfAssetsAcquired" xlink:label="pcyo_CostsOfAssetsAcquired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CostsOfAssetsAcquired" xlink:to="pcyo_CostsOfAssetsAcquired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_CostsOfAssetsAcquired_lbl" xml:lang="en-US">Costs of assets acquired</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Establishment and operating costs</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RemainingThirdPartyObligationAbstract" xlink:label="pcyo_RemainingThirdPartyObligationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RemainingThirdPartyObligationAbstract" xlink:to="pcyo_RemainingThirdPartyObligationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RemainingThirdPartyObligationAbstract_lbl" xml:lang="en-US">Remaining Third Party Obligation:</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RangeviewCAAAgreementBalanceOriginal" xlink:label="pcyo_RangeviewCAAAgreementBalanceOriginal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewCAAAgreementBalanceOriginal" xlink:to="pcyo_RangeviewCAAAgreementBalanceOriginal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="pcyo_RangeviewCAAAgreementBalanceOriginal_lbl" xml:lang="en-US">Balance, original</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RangeviewCAAAgreementBalance" xlink:label="pcyo_RangeviewCAAAgreementBalance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewCAAAgreementBalance" xlink:to="pcyo_RangeviewCAAAgreementBalance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="pcyo_RangeviewCAAAgreementBalance_lbl" xml:lang="en-US">Balance, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ExportWaterAcquisitions" xlink:label="pcyo_ExportWaterAcquisitions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterAcquisitions" xlink:to="pcyo_ExportWaterAcquisitions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ExportWaterAcquisitions_lbl" xml:lang="en-US">Acquisitions</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ExportWaterOptionPayments" xlink:label="pcyo_ExportWaterOptionPayments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterOptionPayments" xlink:to="pcyo_ExportWaterOptionPayments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ExportWaterOptionPayments_lbl" xml:lang="en-US">Option payments</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ExportWaterTapFees" xlink:label="pcyo_ExportWaterTapFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterTapFees" xlink:to="pcyo_ExportWaterTapFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ExportWaterTapFees_lbl" xml:lang="en-US">Arapahoe Tap fees</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ExportWaterSalePayments" xlink:label="pcyo_ExportWaterSalePayments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterSalePayments" xlink:to="pcyo_ExportWaterSalePayments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ExportWaterSalePayments_lbl" xml:lang="en-US">Export Water Sale Payments</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_Relinquishment" xlink:label="pcyo_Relinquishment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_Relinquishment" xlink:to="pcyo_Relinquishment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_Relinquishment_lbl" xml:lang="en-US">Relinquishment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewCAAAgreementBalance" xlink:to="pcyo_RangeviewCAAAgreementBalance_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="pcyo_RangeviewCAAAgreementBalance_2_lbl" xml:lang="en-US">Balance, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedBonusesCurrentAndNoncurrent" xlink:label="us-gaap_AccruedBonusesCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedBonusesCurrentAndNoncurrent" xlink:to="us-gaap_AccruedBonusesCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedBonusesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureShareholdersEquityDetailsAbstract" xlink:label="pcyo_DisclosureShareholdersEquityDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureShareholdersEquityDetailsAbstract" xlink:to="pcyo_DisclosureShareholdersEquityDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureShareholdersEquityDetailsAbstract_lbl" xml:lang="en-US">Shareholders Equity Details</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_StockOptionActivityAbstract" xlink:label="pcyo_StockOptionActivityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_StockOptionActivityAbstract" xlink:to="pcyo_StockOptionActivityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_StockOptionActivityAbstract_lbl" xml:lang="en-US">Stock Option Activity:</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_2_lbl" xml:lang="en-US">Exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_lbl" xml:lang="en-US">Forfeited or expired</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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureShareholdersEquityDetails1Abstract" xlink:label="pcyo_DisclosureShareholdersEquityDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureShareholdersEquityDetails1Abstract" xlink:to="pcyo_DisclosureShareholdersEquityDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureShareholdersEquityDetails1Abstract_lbl" xml:lang="en-US">Shareholders Equity Details 1</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2009/role/negatedLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_lbl" xml:lang="en-US">Vested</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</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</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/verboseLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Forfeited</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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="us-gaap_PlanNameAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameAxis" xlink:to="us-gaap_PlanNameAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PlanNameAxis_lbl" xml:lang="en-US">Plan Name [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_IncentivePlan2014Member" xlink:label="pcyo_IncentivePlan2014Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_IncentivePlan2014Member" xlink:to="pcyo_IncentivePlan2014Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_IncentivePlan2014Member_lbl" xml:lang="en-US">2014 Incentive Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Number of shares authorized under plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Number of shares available for grant</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_lbl" xml:lang="en-US">Fair value of options vested</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_2_lbl" xml:lang="en-US">Weighted average grant date fair value of options granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US">Stock-based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Unrecognized share-based compensation cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US">Options forfeited</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xml:lang="en-US">Options expired</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfWarrantOrRightOutstanding" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightOutstanding" xlink:to="us-gaap_ClassOfWarrantOrRightOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding_lbl" xml:lang="en-US">Warrant outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:label="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:to="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl" xml:lang="en-US">Warrant exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockLiquidationPreference" xlink:label="us-gaap_PreferredStockLiquidationPreference" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockLiquidationPreference" xlink:to="us-gaap_PreferredStockLiquidationPreference_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockLiquidationPreference_lbl" xml:lang="en-US">Series B Preferred stock, liquidation preference per share</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_PreferredStockRedemptionPricePerShare1" xlink:label="pcyo_PreferredStockRedemptionPricePerShare1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PreferredStockRedemptionPricePerShare1" xlink:to="pcyo_PreferredStockRedemptionPricePerShare1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PreferredStockRedemptionPricePerShare1_lbl" xml:lang="en-US">Series B Preferred stock, redemption price per share</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ThresholdExportWaterRightsValueProceeds" xlink:label="pcyo_ThresholdExportWaterRightsValueProceeds" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ThresholdExportWaterRightsValueProceeds" xlink:to="pcyo_ThresholdExportWaterRightsValueProceeds_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_ThresholdExportWaterRightsValueProceeds_lbl" xml:lang="en-US">Threshold Export Water rights</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockLiquidationPreferenceValue" xlink:to="us-gaap_PreferredStockLiquidationPreferenceValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue_2_lbl" xml:lang="en-US">Series B Preferred stock, liquidation preference value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Concentration Risk Percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureIncomeTaxesDetailsAbstract" xlink:label="pcyo_DisclosureIncomeTaxesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureIncomeTaxesDetailsAbstract" xlink:to="pcyo_DisclosureIncomeTaxesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureIncomeTaxesDetailsAbstract_lbl" xml:lang="en-US">Income Taxes Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComponentsOfDeferredTaxAssetsAbstract" xlink:label="us-gaap_ComponentsOfDeferredTaxAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComponentsOfDeferredTaxAssetsAbstract" xlink:to="us-gaap_ComponentsOfDeferredTaxAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComponentsOfDeferredTaxAssetsAbstract_lbl" xml:lang="en-US">Deferred tax assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:to="us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_lbl" xml:lang="en-US">Net operating loss carryforwards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsDeferredIncome" xlink:label="us-gaap_DeferredTaxAssetsDeferredIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsDeferredIncome" xlink:to="us-gaap_DeferredTaxAssetsDeferredIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsDeferredIncome_lbl" xml:lang="en-US">Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:label="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:to="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Depreciation and depletion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsOther" xlink:label="us-gaap_DeferredTaxAssetsOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOther" xlink:to="us-gaap_DeferredTaxAssetsOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsOther_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="us-gaap_DeferredTaxAssetsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNet" xlink:to="us-gaap_DeferredTaxAssetsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNet_lbl" xml:lang="en-US">Net deferred tax asset</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureIncomeTaxesDetails1Abstract" xlink:label="pcyo_DisclosureIncomeTaxesDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureIncomeTaxesDetails1Abstract" xlink:to="pcyo_DisclosureIncomeTaxesDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureIncomeTaxesDetails1Abstract_lbl" xml:lang="en-US">Income Taxes Details 1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:label="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:to="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US">Expected benefit from federal taxes at statutory rate of 34%</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:label="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:to="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_lbl" xml:lang="en-US">State taxes, net of federal benefit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:label="us-gaap_IncomeTaxReconciliationOtherAdjustments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:to="us-gaap_IncomeTaxReconciliationOtherAdjustments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationOtherAdjustments_lbl" xml:lang="en-US">Expiration of net operating losses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" xlink:to="us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther_lbl" xml:lang="en-US">Permanent and other differences</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Change in valuation allowance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xml:lang="en-US">Total income tax expense / (benefit)</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DisclosureIncomeTaxesDetailsNarrativeAbstract" xlink:label="pcyo_DisclosureIncomeTaxesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DisclosureIncomeTaxesDetailsNarrativeAbstract" xlink:to="pcyo_DisclosureIncomeTaxesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_DisclosureIncomeTaxesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Income Taxes Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="us-gaap_OperatingLossCarryforwards" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLossCarryforwards" xlink:to="us-gaap_OperatingLossCarryforwards_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLossCarryforwards_lbl" xml:lang="en-US">Net operating loss carryforwards</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_NetOperatingLossCarryforwardsExpired" xlink:label="pcyo_NetOperatingLossCarryforwardsExpired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NetOperatingLossCarryforwardsExpired" xlink:to="pcyo_NetOperatingLossCarryforwardsExpired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_NetOperatingLossCarryforwardsExpired_lbl" xml:lang="en-US">Net operating loss carryforwards expired</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_Disclosure401KPlanDetailsNarrativeAbstract" xlink:label="pcyo_Disclosure401KPlanDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_Disclosure401KPlanDetailsNarrativeAbstract" xlink:to="pcyo_Disclosure401KPlanDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_Disclosure401KPlanDetailsNarrativeAbstract_lbl" xml:lang="en-US">K Plan Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DefinedContributionPlanAdministrativeExpenses" xlink:label="us-gaap_DefinedContributionPlanAdministrativeExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedContributionPlanAdministrativeExpenses" xlink:to="us-gaap_DefinedContributionPlanAdministrativeExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedContributionPlanAdministrativeExpenses_lbl" xml:lang="en-US">Administrative fees paid for plan</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent" xlink:to="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent_lbl" xml:lang="en-US">2017</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears" xlink:to="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears_lbl" xml:lang="en-US">2018</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears" xlink:to="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears_lbl" xml:lang="en-US">2019</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears" xlink:to="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears_lbl" xml:lang="en-US">2020</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears" xlink:to="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears_lbl" xml:lang="en-US">2021</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_UnauditedQuarterlyFinancialDataDetailsAbstract" xlink:label="pcyo_UnauditedQuarterlyFinancialDataDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_UnauditedQuarterlyFinancialDataDetailsAbstract" xlink:to="pcyo_UnauditedQuarterlyFinancialDataDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_UnauditedQuarterlyFinancialDataDetailsAbstract_lbl" xml:lang="en-US">Unaudited Quarterly Financial Data Details</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">Total 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 margin</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 loss</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_3_lbl" xml:lang="en-US">Net income (loss)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_2_lbl" xml:lang="en-US">Basic and diluted income (loss) per share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AcresOfLandSold" xlink:to="pcyo_AcresOfLandSold_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_AcresOfLandSold_doc" xml:lang="en-US">The number of acres of land sold during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AdjustmentsToAdditionalPaidInCapitalOther1" xlink:to="pcyo_AdjustmentsToAdditionalPaidInCapitalOther1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_AdjustmentsToAdditionalPaidInCapitalOther1_doc" xml:lang="en-US">Amount of other increase (decrease) in additional paid in capital (APIC).</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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_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">Information pertaining to Agricultural segment.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_AllOtherMember" xlink:label="pcyo_AllOtherMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_AllOtherMember" xlink:to="pcyo_AllOtherMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_AllOtherMember_doc" xml:lang="en-US">Component of an entity classification as all other.</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">Information pertaining to a significant customer.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ArkansasRiverLandMember" xlink:label="pcyo_ArkansasRiverLandMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ArkansasRiverLandMember" xlink:to="pcyo_ArkansasRiverLandMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ArkansasRiverLandMember_doc" xml:lang="en-US">Information pertaining to Arkansas River Land Assets owned.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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_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">Information pertaining to Arkansas River Valley Assets.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_ArkansasRiverWaterMember" xlink:label="pcyo_ArkansasRiverWaterMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ArkansasRiverWaterMember" xlink:to="pcyo_ArkansasRiverWaterMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ArkansasRiverWaterMember_doc" xml:lang="en-US">Information pertaining to Arkansas River Water Assets owned.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicy" xlink:to="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicy_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicy_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CashFlowsPolicyTextBlock" xlink:to="pcyo_CashFlowsPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_CashFlowsPolicyTextBlock_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ContingencyMember" xlink:to="pcyo_ContingencyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ContingencyMember_doc" xml:lang="en-US">Information pertaining to Contingency portion of Export Water.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CostsOfAssetsAcquired" xlink:to="pcyo_CostsOfAssetsAcquired_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_CostsOfAssetsAcquired_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_CountyTapAndConstructionFeeDeferredRevenueMember" xlink:label="pcyo_CountyTapAndConstructionFeeDeferredRevenueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_CountyTapAndConstructionFeeDeferredRevenueMember" xlink:to="pcyo_CountyTapAndConstructionFeeDeferredRevenueMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_CountyTapAndConstructionFeeDeferredRevenueMember_doc" xml:lang="en-US">Information pertaining to deferred revenue derived from County tap and construction fees.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DeferredOAndGAndRangeviewLeaseRevenueMember" xlink:label="pcyo_DeferredOAndGAndRangeviewLeaseRevenueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredOAndGAndRangeviewLeaseRevenueMember" xlink:to="pcyo_DeferredOAndGAndRangeviewLeaseRevenueMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_DeferredOAndGAndRangeviewLeaseRevenueMember_doc" xml:lang="en-US">Information pertaining to deferred revenue derived from deferred oil and gas lease fees.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredOilAndGasLeaseBonusPayment" xlink:to="pcyo_DeferredOilAndGasLeaseBonusPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_DeferredOilAndGasLeaseBonusPayment_doc" xml:lang="en-US">Deferred income related to oil &amp;amp;amp; gas lease bonus payments recognized in the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion" xlink:to="pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion_doc" xml:lang="en-US">Custom Element.</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:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_DiscountToBeImputedAsInterestExpenseInFuturePeriodsMember" xlink:label="pcyo_DiscountToBeImputedAsInterestExpenseInFuturePeriodsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DiscountToBeImputedAsInterestExpenseInFuturePeriodsMember" xlink:to="pcyo_DiscountToBeImputedAsInterestExpenseInFuturePeriodsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_DiscountToBeImputedAsInterestExpenseInFuturePeriodsMember_doc" xml:lang="en-US">Information pertaining to discount in the Tap participation fee that is to be imputed as interest expense in future periods.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_EquityPlan2004Member" xlink:label="pcyo_EquityPlan2004Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_EquityPlan2004Member" xlink:to="pcyo_EquityPlan2004Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_EquityPlan2004Member_doc" xml:lang="en-US">Information pertaining to the 2004 Equity Plan.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterAcquisitions" xlink:to="pcyo_ExportWaterAcquisitions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ExportWaterAcquisitions_doc" xml:lang="en-US">Acquisitions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterOptionPayments" xlink:to="pcyo_ExportWaterOptionPayments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ExportWaterOptionPayments_doc" xml:lang="en-US">Option payments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterProceedsReceivedMember" xlink:to="pcyo_ExportWaterProceedsReceivedMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ExportWaterProceedsReceivedMember_doc" xml:lang="en-US">Information pertaining to total export water proceeds received.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterSalePayments" xlink:to="pcyo_ExportWaterSalePayments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ExportWaterSalePayments_doc" xml:lang="en-US">Export Water Sale Payments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ExportWaterTapFees" xlink:to="pcyo_ExportWaterTapFees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ExportWaterTapFees_doc" xml:lang="en-US">Arapahoe Tap fees</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">Information pertaining to the Fairgrounds Water And Water System.</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_FarmLeasesMember" xlink:to="pcyo_FarmLeasesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_FarmLeasesMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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_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">Information pertaining to first priority payout deferred revenue derived from export water.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ForeclosureProceedingsCommencedMember_doc" xml:lang="en-US">Information pertaining to the commenced foreclosure proceedings.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_FrontRangePipelineMember" xlink:label="pcyo_FrontRangePipelineMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_FrontRangePipelineMember" xlink:to="pcyo_FrontRangePipelineMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_FrontRangePipelineMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt" xlink:to="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_GrossEstimatedTapParticipationFeeLiabilityMember" xlink:label="pcyo_GrossEstimatedTapParticipationFeeLiabilityMember" />
      <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">Information pertaining to the gross estimated tap participation fee liability.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_IncentivePlan2014Member" xlink:to="pcyo_IncentivePlan2014Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_IncentivePlan2014Member_doc" xml:lang="en-US">Information pertianing to the 2014 Incentive Plan.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_InitialExportWaterProceedsToPureCycleMember" xlink:to="pcyo_InitialExportWaterProceedsToPureCycleMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_InitialExportWaterProceedsToPureCycleMember_doc" xml:lang="en-US">Information pertaining to Initial Export Water Proceeds To Pure Cycle.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_InvestmentInWellEnhancementRecoverSystems" xlink:to="pcyo_InvestmentInWellEnhancementRecoverSystems_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_InvestmentInWellEnhancementRecoverSystems_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_MortgageTerm" xlink:to="pcyo_MortgageTerm_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_MortgageTerm_doc" xml:lang="en-US">The validity term of the company's mortgage.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_NetOperatingLossCarryforwardsExpired" xlink:to="pcyo_NetOperatingLossCarryforwardsExpired_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NetOperatingLossCarryforwardsExpired_doc" xml:lang="en-US">Custom Element.</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_NumberOfFLCCSharesSold" xlink:to="pcyo_NumberOfFLCCSharesSold_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_NumberOfFLCCSharesSold_doc" xml:lang="en-US">The number of FLCC shares sold during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OilAndGasLeaseMember" xlink:to="pcyo_OilAndGasLeaseMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_OilAndGasLeaseMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_OtherSalesRevenue" xlink:to="pcyo_OtherSalesRevenue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_OtherSalesRevenue_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ParticipatingInterestsLiabilityMember" xlink:to="pcyo_ParticipatingInterestsLiabilityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ParticipatingInterestsLiabilityMember_doc" xml:lang="en-US">Information pertaining to the liability for participating interests in export water.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PaymentsToContingentLiabilityHolders" xlink:to="pcyo_PaymentsToContingentLiabilityHolders_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_PaymentsToContingentLiabilityHolders_doc" xml:lang="en-US">Payments made to export water contingent liability holders during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PreferredStockRedemptionPricePerShare1" xlink:to="pcyo_PreferredStockRedemptionPricePerShare1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_PreferredStockRedemptionPricePerShare1_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ProceedsFromSaleOfLandAndEasments" xlink:to="pcyo_ProceedsFromSaleOfLandAndEasments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ProceedsFromSaleOfLandAndEasments_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewCAAAgreementBalance" xlink:to="pcyo_RangeviewCAAAgreementBalance_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RangeviewCAAAgreementBalance_doc" xml:lang="en-US">RangeviewCAAAgreementBalance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewCAAAgreementBalanceOriginal" xlink:to="pcyo_RangeviewCAAAgreementBalanceOriginal_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RangeviewCAAAgreementBalanceOriginal_doc" xml:lang="en-US">RangeviewCAAAgreementBalanceOriginal</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewWaterSupplyMember" xlink:to="pcyo_RangeviewWaterSupplyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RangeviewWaterSupplyMember_doc" xml:lang="en-US">Information pertaining to the Rangeview Water Supply assets.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RangeviewWaterSupplyandWaterSystemMember_doc" xml:lang="en-US">Information pertaining to Rangeview Water Supply and Water System.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RangeviewWaterSystemMember" xlink:to="pcyo_RangeviewWaterSystemMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RangeviewWaterSystemMember_doc" xml:lang="en-US">Information pertaining to the Rangeview Water System assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecognitionOfDeferredConstructionFunding" xlink:to="pcyo_RecognitionOfDeferredConstructionFunding_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RecognitionOfDeferredConstructionFunding_doc" xml:lang="en-US">Period recognition of construction funding for special facilities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecognitionOfDeferredWaterTapFees" xlink:to="pcyo_RecognitionOfDeferredWaterTapFees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RecognitionOfDeferredWaterTapFees_doc" xml:lang="en-US">Period recognition of water tap fees.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecordedPortionOfContingentObligation" xlink:to="pcyo_RecordedPortionOfContingentObligation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RecordedPortionOfContingentObligation_doc" xml:lang="en-US">The contingent obligation for participating interests in export water.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_Relinquishment" xlink:to="pcyo_Relinquishment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_Relinquishment_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_RemainingFirstPriorityPayoutMember" xlink:label="pcyo_RemainingFirstPriorityPayoutMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RemainingFirstPriorityPayoutMember" xlink:to="pcyo_RemainingFirstPriorityPayoutMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_RemainingFirstPriorityPayoutMember_doc" xml:lang="en-US">Information pertaining to the Remaining First Priority Payout.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ScheduleOfRemainingThirdPartyObligationTableTextBlock" xlink:to="pcyo_ScheduleOfRemainingThirdPartyObligationTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ScheduleOfRemainingThirdPartyObligationTableTextBlock_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ScheduleOfWaterAndWaterSystems" xlink:to="pcyo_ScheduleOfWaterAndWaterSystems_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ScheduleOfWaterAndWaterSystems_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_SkyRanchMember" xlink:to="pcyo_SkyRanchMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_SkyRanchMember_doc" xml:lang="en-US">Custom Element.</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">Information pertaining to Sky Ranch Water Rights assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_StatementsOfComprehensiveLossUnauditedAbstract" xlink:to="pcyo_StatementsOfComprehensiveLossUnauditedAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_StatementsOfComprehensiveLossUnauditedAbstract_doc" xml:lang="en-US">Statements of Comprehensive Loss (Unaudited) [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.xsd#pcyo_TapParticipationFeeReportLiabilityMember" xlink:label="pcyo_TapParticipationFeeReportLiabilityMember" />
      <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">Information pertaining to the Tap Participation Fee Reported Liability.</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">Information pertaining to the Rangeview Water District.</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">Information pertaining to the districts significant customer.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_ThresholdExportWaterRightsValueProceeds" xlink:to="pcyo_ThresholdExportWaterRightsValueProceeds_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_ThresholdExportWaterRightsValueProceeds_doc" xml:lang="en-US">Custom Element.</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">Information pertaining to the total potential third party obligation relating to participating interests in export water.</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_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">Revenue derived from wastewater treatment fees.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WaterDeliveredToCustomers" xlink:to="pcyo_WaterDeliveredToCustomers_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WaterDeliveredToCustomers_doc" xml:lang="en-US">Custom Element.</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">Information pertaining to other water supply assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WeightedAverageExercisePriceAbstract" xlink:to="pcyo_WeightedAverageExercisePriceAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WeightedAverageExercisePriceAbstract_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WeightedAverageGrantDateFairValueAbstract" xlink:to="pcyo_WeightedAverageGrantDateFairValueAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WeightedAverageGrantDateFairValueAbstract_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WeightedAverageRemainingContractualTermAbstract" xlink:to="pcyo_WeightedAverageRemainingContractualTermAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WeightedAverageRemainingContractualTermAbstract_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pcyo-20160831.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_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">Information pertaining to whole sale water and waste water.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_WorkingCapital" xlink:to="pcyo_WorkingCapital_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcyo_WorkingCapital_doc" xml:lang="en-US">Custom Element.</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_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">Assets</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_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue" xlink:to="us-gaap_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue_2_lbl" xml:lang="en-US">Financial Instruments, Owned, Corporate Equities, at Fair Value</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperations" xlink:to="us-gaap_IncomeLossFromContinuingOperations_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_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense_2_lbl" xlink:type="arc" />
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      <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_PaymentsToAcquireWaterAndWasteWaterSystems" xlink:to="us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems_2_lbl" xml:lang="en-US">Payments to Acquire Water and Waste Water Systems</link:label>
      <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" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcyo_PaymentsToContingentLiabilityHolders_3_lbl" xml:lang="en-US">PaymentsToContingentLiabilityHolders</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" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_2_lbl" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_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_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_2_lbl" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Interest Expense</link:label>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>20
<FILENAME>pcyo-20160831_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6821226448">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information - USD ($)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Oct. 27, 2016</div></th>
<th class="th"><div>Feb. 29, 2016</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-K<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--08-31<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000276720<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">23,754,098<span></span>
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<td class="text">&#160;<span></span>
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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_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 78,578,883<span></span>
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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_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug. 31,  2016<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2016<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</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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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</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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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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></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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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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></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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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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></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 style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</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_dei_EntityCentralIndexKey">
<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 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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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 style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</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_dei_EntityCommonStockSharesOutstanding">
<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>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></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 style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</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_dei_EntityCurrentReportingStatus">
<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>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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</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_dei_EntityFilerCategory">
<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>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></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 style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</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_dei_EntityPublicFloat">
<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>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</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 style="white-space:nowrap;">dei_EntityPublicFloat</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</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_dei_EntityRegistrantName">
<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 exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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 style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</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_dei_EntityVoluntaryFilers">
<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>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></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 style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</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_dei_EntityWellKnownSeasonedIssuer">
<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>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></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 style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</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_DocumentAndEntityInformationAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6821744064">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS - USD ($)<br></strong></div></th>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equilvalents</a></td>
<td class="nump">$ 4,697,288<span></span>
</td>
<td class="nump">$ 37,089,041<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_ShortTermInvestments', window );">Short-term investments</a></td>
<td class="nump">23,176,450<span></span>
</td>
<td class="nump">0<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">181,006<span></span>
</td>
<td class="nump">157,845<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_DueFromRelatedPartiesCurrent', window );">Sky Ranch receivable</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">148,415<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">350,819<span></span>
</td>
<td class="nump">228,086<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_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent', window );">Assets of discontinued operations</a></td>
<td class="nump">680,287<span></span>
</td>
<td class="nump">1,957,552<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">29,085,850<span></span>
</td>
<td class="nump">39,580,939<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_LongTermInvestments', window );">Long-term investments</a></td>
<td class="nump">6,853,276<span></span>
</td>
<td class="nump">0<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_PropertyPlantAndEquipmentNet', window );">Investments in water and water systems, net</a></td>
<td class="nump">28,321,926<span></span>
</td>
<td class="nump">27,708,595<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_LandAndLandImprovements', window );">Land and mineral interests</a></td>
<td class="nump">5,345,800<span></span>
</td>
<td class="nump">5,091,668<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 );">Notes receivable - related parties, including accrued interest</a></td>
<td class="nump">800,369<span></span>
</td>
<td class="nump">591,223<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_OtherAssetsNoncurrent', window );">Other assets</a></td>
<td class="nump">472,393<span></span>
</td>
<td class="nump">88,488<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_Assets', window );">Total assets</a></td>
<td class="nump">70,879,614<span></span>
</td>
<td class="nump">73,060,913<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_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">160,390<span></span>
</td>
<td class="nump">172,634<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">242,624<span></span>
</td>
<td class="nump">499,808<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_AccruedIncomeTaxesCurrent', window );">Income taxes</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">292,729<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_DeferredRevenueCurrent', window );">Deferred revenues</a></td>
<td class="nump">55,800<span></span>
</td>
<td class="nump">55,800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" 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">19,000<span></span>
</td>
<td class="nump">360,765<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_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent', window );">Liabilities of discontinued operations</a></td>
<td class="nump">4,394<span></span>
</td>
<td class="nump">117,329<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">482,208<span></span>
</td>
<td class="nump">1,499,065<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">1,055,491<span></span>
</td>
<td class="nump">1,111,293<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion', window );">Deferred oil and gas lease payment, less current portion</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">19,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" 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">343,966<span></span>
</td>
<td class="nump">346,007<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">1,881,665<span></span>
</td>
<td class="nump">2,975,365<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"> <span></span>
</td>
<td class="text"> <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">&#160;<span></span>
</td>
<td class="text">&#160;<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 milllion 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">&#160;<span></span>
</td>
<td class="text">&#160;<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_CommonStockValueOutstanding', window );">Par value 1/3 of $.01 per share, 40 million shares authorized; 23,754,098 and 24,054,098 shares issued and outstanding, respectively</a></td>
<td class="nump">79,185<span></span>
</td>
<td class="nump">80,185<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_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue', window );">Collateral stock</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,407,000)<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_AdditionalPaidInCapital', window );">Additional paid in capital</a></td>
<td class="nump">171,198,241<span></span>
</td>
<td class="nump">172,384,355<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_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
<td class="nump">3,122<span></span>
</td>
<td class="nump">0<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_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(102,283,032)<span></span>
</td>
<td class="num">(100,972,425)<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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
<td class="nump">68,997,949<span></span>
</td>
<td class="nump">70,085,548<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_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 70,879,614<span></span>
</td>
<td class="nump">$ 73,060,913<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_CommonStockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DeferredOilAndGasLeasePaymentLessCurrentPortion">
<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>Custom Element.</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 style="white-space:nowrap;">pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 style="white-space:nowrap;">pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_PreferredStockAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>The contingent obligation for participating interests in export water.</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 style="white-space:nowrap;">pcyo_RecordedPortionOfContingentObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AccruedIncomeTaxesCurrent">
<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 as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(b)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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 style="white-space:nowrap;">us-gaap_AccruedIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e681-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669686-108580<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 style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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 style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<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 style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AssetsCurrentAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent">
<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 classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2473-110228<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 style="white-space:nowrap;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CommonStockValueOutstanding">
<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>Value of all classes of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares exclude common shares repurchased by the entity and held as treasury shares.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CommonStockValueOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q1(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q2)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(c).Q3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<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 style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(c).Q3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q1(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3(b).Q2)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<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 style="white-space:nowrap;">us-gaap_DeferredRevenueNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DueFromRelatedPartiesCurrent">
<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 receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3)(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_DueFromRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue">
<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 fair value as of the balance sheet date of firm holdings in corporate stocks (common and preferred), stock options, warrants and any other financial instrument which represents, or provides the ability to obtain, ownership rights in a corporation. Includes both pledged (to counterparties as collateral for financing transactions) and unpledged holdings.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 320<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=35711157&amp;loc=d3e42546-110969<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 style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedCorporateEquitiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_LandAndLandImprovements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_LiabilitiesCurrentAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent">
<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 classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=68055307&amp;loc=d3e2473-110228<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<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 style="white-space:nowrap;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_LongTermInvestments">
<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 investments that are intended to be held for an extended period of time (longer than one operating 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Related Parties<br> -URI http://asc.fasb.org/extlink&amp;oid=16382449<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3)(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_NotesReceivableRelatedPartiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Amount of noncurrent assets classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=68074540&amp;loc=d3e5879-108316<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Assets<br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<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 style="white-space:nowrap;">us-gaap_PrepaidExpenseCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShortTermInvestments">
<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 including trading securities, available-for-sale securities, held-to-maturity securities, and short-term investments classified as other and current.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(g))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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 style="white-space:nowrap;">us-gaap_ShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568447-111683<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 style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6821533840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)<br></strong></div></th>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Statement of Financial Position [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock; Series B- par value</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</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_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>
</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_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>
</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_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>
</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_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>
</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_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
<td class="nump">$ 0.003333<span></span>
</td>
<td class="nump">$ 0.003333<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_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>
</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_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">23,754,098<span></span>
</td>
<td class="nump">24,054,098<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_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">23,754,098<span></span>
</td>
<td class="nump">24,054,098<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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></tr>
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CommonStockSharesAuthorized">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CommonStockSharesIssued">
<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 number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CommonStockSharesOutstanding">
<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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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 style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PreferredStockLiquidationPreferenceValue">
<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>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 style="white-space:nowrap;">us-gaap_PreferredStockLiquidationPreferenceValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PreferredStockParOrStatedValuePerShare">
<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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PreferredStockSharesAuthorized">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PreferredStockSharesIssued">
<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 number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PreferredStockSharesOutstanding">
<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 share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StatementOfFinancialPositionAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_StatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6818376048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)<br></strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueGoodsGross', window );">Metered water usage</a></td>
<td class="nump">$ 220,997<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 969,989<span></span>
</td>
<td class="nump">$ 1,879,495<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" 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">43,712<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">50,076<span></span>
</td>
<td class="nump">45,400<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" 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">41,508<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">41,508<span></span>
</td>
<td class="nump">41,508<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" 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">14,294<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">14,294<span></span>
</td>
<td class="nump">14,294<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_OtherSalesRevenue', window );">Other income</a></td>
<td class="nump">131,650<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">120,702<span></span>
</td>
<td class="nump">42,417<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_Revenues', window );">Total revenues</a></td>
<td class="nump">452,161<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,196,569<span></span>
</td>
<td class="nump">2,023,114<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_OperatingCostsAndExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_CostOfServices', window );">Water service operations</a></td>
<td class="num">(264,424)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(464,940)<span></span>
</td>
<td class="num">(547,562)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" 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">(29,187)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(66,745)<span></span>
</td>
<td class="num">(38,426)<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_OtherCostOfServices', window );">Other</a></td>
<td class="num">(68,478)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(55,173)<span></span>
</td>
<td class="num">(39,421)<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_CostOfGoodsSoldDepreciationDepletionAndAmortization', window );">Depletion and depreciation</a></td>
<td class="num">(166,670)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(172,546)<span></span>
</td>
<td class="num">(149,757)<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">(528,759)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(759,404)<span></span>
</td>
<td class="num">(775,166)<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="num">(76,598)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">437,165<span></span>
</td>
<td class="nump">1,247,948<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">(1,849,743)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,939,395)<span></span>
</td>
<td class="num">(2,445,633)<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">(253,434)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(174,717)<span></span>
</td>
<td class="num">(46,807)<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">(2,179,775)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,676,947)<span></span>
</td>
<td class="num">(1,244,492)<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">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">360,765<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">645,720<span></span>
</td>
<td class="nump">525,438<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_OilAndGasRoyaltyIncome', window );">Oil and gas royalty income, net</a></td>
<td class="nump">343,620<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">412,627<span></span>
</td>
<td class="nump">0<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_InvestmentIncomeInterest', window );">Interest income</a></td>
<td class="nump">241,279<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">21,334<span></span>
</td>
<td class="nump">12,466<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_OtherNonoperatingIncome', window );">Other</a></td>
<td class="nump">3,852<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">22,120<span></span>
</td>
<td class="nump">160,004<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt', window );">Gain on extinguishment of contingent obligations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">832,097<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_IncomeLossFromContinuingOperations', window );">Net (loss) income from continuing operations</a></td>
<td class="num">(1,230,259)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(575,146)<span></span>
</td>
<td class="nump">285,513<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_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Net loss from discontinued operations, net of taxes</a></td>
<td class="num">(80,348)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(22,552,801)<span></span>
</td>
<td class="num">(596,957)<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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Net loss before taxes</a></td>
<td class="num">(1,310,607)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(23,127,947)<span></span>
</td>
<td class="num">(311,444)<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_IncomeTaxExpenseBenefit', window );">Taxes</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<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">(1,310,607)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(23,127,947)<span></span>
</td>
<td class="num">(311,444)<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 holding gains</a></td>
<td class="nump">3,122<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<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 );">Total comprehensive loss</a></td>
<td class="num">$ (1,307,485)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (23,127,947)<span></span>
</td>
<td class="num">$ (311,444)<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_EarningsPerShareBasicAndDilutedAbstract', window );"><strong>Basic and diluted net (loss) income per common share -</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare', window );">(Loss) income from cotinuing operations</a></td>
<td class="num">$ (0.06)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (0.03)<span></span>
</td>
<td class="nump">$ .01<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_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare', window );">Loss from discontinued operations</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(0.93)<span></span>
</td>
<td class="text">&#160;<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_EarningsPerShareBasicAndDiluted', window );">Net loss</a></td>
<td class="num">$ (0.06)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (0.96)<span></span>
</td>
<td class="num">$ (0.01)<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_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average common shares outstanding - basic and diluted</a></td>
<td class="nump">23,781,041<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">24,041,114<span></span>
</td>
<td class="nump">24,037,598<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Amount is less than $.01 per share</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt">
<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>Custom Element.</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 style="white-space:nowrap;">pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_OilAndGasRoyaltyIncome">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_OilAndGasRoyaltyIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_OtherIncomeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_OtherSalesRevenue">
<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>Custom Element.</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 style="white-space:nowrap;">pcyo_OtherSalesRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Period recognition of construction funding for special facilities.</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 style="white-space:nowrap;">pcyo_RecognitionOfDeferredConstructionFunding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Period recognition of water tap 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 style="white-space:nowrap;">pcyo_RecognitionOfDeferredWaterTapFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">pcyo_WastewaterServiceOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Revenue derived from 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 style="white-space:nowrap;">pcyo_WastewaterTreatmentFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831223<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e557-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<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 style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_CostOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_CostOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_DepreciationNonproduction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EarningsPerShareBasicAndDilutedAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDilutedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1,2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncomeLossFromContinuingOperations">
<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 income (loss) from continuing operations 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4613673-111683<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 style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
<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 income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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 style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare">
<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 (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted 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 style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncomeLossFromDiscontinuedOperationsNetOfTax">
<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 income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721675-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1012-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721525-107759<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e957-107759<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<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 style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare">
<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>Per basic and diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation, when the per share amount is the same.</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 style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncomeTaxExpenseBenefit">
<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 current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<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 style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_InvestmentIncomeInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 932<br> -SubTopic 235<br> -Section 50<br> -Paragraph 23<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=68064819&amp;loc=d3e62136-109447<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 932<br> -SubTopic 235<br> -Section 50<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=68064819&amp;loc=d3e62246-109447<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 style="white-space:nowrap;">us-gaap_OilAndGasRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpensesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_OperatingCostsAndExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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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<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 style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>duration</td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<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 style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_OtherCostOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</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>Amount of income related to nonoperating activities, classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_OtherNonoperatingIncome</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>duration</td>
</tr>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_Revenues</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>duration</td>
</tr>
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<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_RevenuesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueGoodsGross">
<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 from sale of goods in the normal course of business, before deducting 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_SalesRevenueGoodsGross</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<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>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</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 style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<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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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6821136704">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (LOSS) - USD ($)<br></strong></div></th>
<th class="th"><div>Preferred Stock</div></th>
<th class="th"><div>Common Stock</div></th>
<th class="th"><div>Additional Paid-In Capital</div></th>
<th class="th"><div>Accumulated Comprehensive Income (Loss)</div></th>
<th class="th"><div>Collateral Stock</div></th>
<th class="th"><div>Accumulated Deficit</div></th>
<th class="th"><div>Total</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_us-gaap_StockholdersEquity', window );">Balance, beginning at Aug. 31, 2013</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 80,130<span></span>
</td>
<td class="nump">$ 115,224,946<span></span>
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<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">$ (77,533,034)<span></span>
</td>
<td class="nump">$ 37,772,475<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, beginning shares at Aug. 31, 2013</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">24,037,598<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition', window );">Share-based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">251,915<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">251,915<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_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of options</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_AdjustmentsToAdditionalPaidInCapitalOther1', window );">Reduction in TPF due to remedies under the Arkansas River Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">53,317,535<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">53,317,535<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_NetIncomeLoss', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(311,444)<span></span>
</td>
<td class="num">(311,444)<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 holding gain on investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
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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_StockholdersEquity', window );">Balance, ending at Aug. 31, 2014</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 80,130<span></span>
</td>
<td class="nump">168,794,396<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(77,844,478)<span></span>
</td>
<td class="nump">91,030,481<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_SharesOutstanding', window );">Balance, ending, shares at Aug. 31, 2014</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">24,037,598<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition', window );">Share-based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">239,986<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">239,986<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_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of options</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 55<span></span>
</td>
<td class="nump">48,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48,825<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 );">Exercise of options, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_AdjustmentsToAdditionalPaidInCapitalOther1', window );">Reduction in TPF due to remedies under the Arkansas River Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,301,203<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,301,203<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_CollateralStock', window );">Collateral stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,407,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,407,000)<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_NetIncomeLoss', window );">Net loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(23,127,947)<span></span>
</td>
<td class="num">(23,127,947)<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_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax', window );">Unrealized holding gain on investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance, ending at Aug. 31, 2015</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 80,185<span></span>
</td>
<td class="nump">172,384,355<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,407,000)<span></span>
</td>
<td class="num">(100,972,425)<span></span>
</td>
<td class="nump">70,085,548<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, ending, shares at Aug. 31, 2015</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">24,054,098<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition', window );">Share-based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">219,886<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">219,886<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_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Exercise of options</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<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_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercise of options, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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_StockRepurchasedAndRetiredDuringPeriodValue', window );">Collateral stock retired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (1,000)<span></span>
</td>
<td class="num">(1,406,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,407,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<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_StockRepurchasedAndRetiredDuringPeriodShares', window );">Collateral stock retired, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(300,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,310,607)<span></span>
</td>
<td class="num">(1,310,607)<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 holding gain on investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,122<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,122<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance, ending at Aug. 31, 2016</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 79,185<span></span>
</td>
<td class="nump">$ 171,198,241<span></span>
</td>
<td class="nump">$ 3,122<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">$ (102,283,032)<span></span>
</td>
<td class="nump">$ 68,997,949<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, ending, shares at Aug. 31, 2016</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">23,754,098<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_AdjustmentsToAdditionalPaidInCapitalOther1">
<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 other increase (decrease) in additional paid in capital (APIC).</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 style="white-space:nowrap;">pcyo_AdjustmentsToAdditionalPaidInCapitalOther1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CollateralStock">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_CollateralStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition">
<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 the amount of recognized equity-based compensation related to stock options during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized).</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 style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=SL7669646-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e637-108580<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 style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharesOutstanding">
<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>Number of shares issued which are neither cancelled nor held in the treasury.</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 style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockIssuedDuringPeriodSharesStockOptionsExercised">
<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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</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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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised">
<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>Value of stock issued as a result of the exercise of stock 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares">
<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>Number of shares that have been repurchased and retired 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodShares</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>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>Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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 style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<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>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<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 of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td>credit</td>
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<td>instant</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember</td>
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<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 style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
<td></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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
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<td></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>
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<td>na</td>
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<td></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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=pcyo_CollateralStockMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></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></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6821495328">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="num">$ (1,310,607)<span></span>
</td>
<td class="num">$ (23,127,947)<span></span>
</td>
<td class="num">$ (311,444)<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_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash provided by (used in) operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
<td class="nump">219,886<span></span>
</td>
<td class="nump">239,986<span></span>
</td>
<td class="nump">251,915<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">420,104<span></span>
</td>
<td class="nump">347,263<span></span>
</td>
<td class="nump">196,564<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_InvestmentInWellEnhancementRecoverSystems', window );">Investment in Well Enhancement Recovery Systems, LLC</a></td>
<td class="nump">10,675<span></span>
</td>
<td class="nump">4,577<span></span>
</td>
<td class="num">(37,193)<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_InterestAndOtherIncome', window );">Interest income and other non-cash items</a></td>
<td class="num">(41,114)<span></span>
</td>
<td class="num">(419)<span></span>
</td>
<td class="num">(420)<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_OtherNoncashIncome', window );">Interest added to receivable from related parties</a></td>
<td class="num">(29,099)<span></span>
</td>
<td class="num">(15,493)<span></span>
</td>
<td class="num">(12,039)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt', window );">Gain on extinguishment of contingent obligations</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(832,097)<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_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_IncreaseDecreaseInAccountsReceivable', window );">Trade accounts receivable</a></td>
<td class="num">(23,161)<span></span>
</td>
<td class="nump">918,252<span></span>
</td>
<td class="num">(1,041,288)<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_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expenses</a></td>
<td class="num">(122,733)<span></span>
</td>
<td class="nump">43,472<span></span>
</td>
<td class="num">(168,795)<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_IncreaseDecreaseInDueFromRelatedParties', window );">Note receivable - related parties</a></td>
<td class="num">(31,633)<span></span>
</td>
<td class="num">(105,208)<span></span>
</td>
<td class="nump">6,388<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">(269,428)<span></span>
</td>
<td class="num">(848,669)<span></span>
</td>
<td class="nump">1,191,298<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_IncreaseDecreaseInIncomeTaxes', window );">Income taxes</a></td>
<td class="num">(292,729)<span></span>
</td>
<td class="nump">292,729<span></span>
</td>
<td class="nump">0<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_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
<td class="num">(55,802)<span></span>
</td>
<td class="num">(64,226)<span></span>
</td>
<td class="num">(65,385)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" 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 and gas lease</a></td>
<td class="num">(360,765)<span></span>
</td>
<td class="num">(645,720)<span></span>
</td>
<td class="nump">790,002<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_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash used in operating activities from continuing operations</a></td>
<td class="num">(1,886,406)<span></span>
</td>
<td class="num">(22,961,403)<span></span>
</td>
<td class="num">(32,494)<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_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations', window );">Net cash provided by operating activities from discontinued operations</a></td>
<td class="nump">1,615,677<span></span>
</td>
<td class="nump">21,987,337<span></span>
</td>
<td class="nump">84,238<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_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by (used in) operating activities</a></td>
<td class="num">(270,729)<span></span>
</td>
<td class="num">(974,066)<span></span>
</td>
<td class="nump">51,744<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_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PaymentsToAcquireWaterAndWasteWaterSystems', window );">Investments in water, water systems and land</a></td>
<td class="num">(1,209,416)<span></span>
</td>
<td class="num">(2,101,253)<span></span>
</td>
<td class="num">(3,864,443)<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">2,840,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PurchaseOfShortTermInvestments', window );">Purchase of short-term investments</a></td>
<td class="num">(25,970,721)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<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_PaymentsToAcquireInvestments', window );">Purchase of long-term investments</a></td>
<td class="num">(6,855,189)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ProceedsFromSaleOfLandAndEasments', window );">Proceeds from sale of land and easments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">192,851<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of property and equipment</a></td>
<td class="num">(472,310)<span></span>
</td>
<td class="num">(17,186)<span></span>
</td>
<td class="num">(3,370)<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_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash used in investing activities from continuing operations</a></td>
<td class="num">(31,667,636)<span></span>
</td>
<td class="num">(2,118,439)<span></span>
</td>
<td class="num">(3,674,962)<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_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations', window );">Net cash provided by (used in) investing activities from discontinued operations</a></td>
<td class="num">(451,347)<span></span>
</td>
<td class="nump">44,650,149<span></span>
</td>
<td class="nump">5,811,265<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 (used) by investing activities</a></td>
<td class="num">(32,118,983)<span></span>
</td>
<td class="nump">42,531,710<span></span>
</td>
<td class="nump">2,136,303<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Proceeds from exercise of options</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">48,825<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PaymentsToContingentLiabilityHolders', window );">Payment to contingent liability holders</a></td>
<td class="num">(2,041)<span></span>
</td>
<td class="num">(8,621)<span></span>
</td>
<td class="num">(6,185)<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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash (used in) provided by financing activities from continuing operations</a></td>
<td class="num">(2,041)<span></span>
</td>
<td class="nump">40,204<span></span>
</td>
<td class="num">(6,185)<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_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations', window );">Net cash used in financing activities from discontinued operations</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(6,258,365)<span></span>
</td>
<td class="num">(2,880,667)<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_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) provided by financing activities</a></td>
<td class="num">(2,041)<span></span>
</td>
<td class="num">(6,218,161)<span></span>
</td>
<td class="num">(2,886,852)<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_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net change in cash and cash equivalents</a></td>
<td class="num">(32,391,753)<span></span>
</td>
<td class="nump">35,339,483<span></span>
</td>
<td class="num">(698,805)<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 - beginning of year</a></td>
<td class="nump">37,089,041<span></span>
</td>
<td class="nump">1,749,558<span></span>
</td>
<td class="nump">2,448,363<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 - end of year</a></td>
<td class="nump">4,697,288<span></span>
</td>
<td class="nump">37,089,041<span></span>
</td>
<td class="nump">1,749,558<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_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RetirementOfCollateralStock', window );">Retirement of collateral stock</a></td>
<td class="nump">1,407,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<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_NotesReduction', window );">Reduction in Tap Participation Fee liability resulting from remedies under the Arkansas River Agreement</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">53,317,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ReductionInTapParticipationFeeLiabilityHpAmReceivableCollateralStockAndMineralInterestsReceivedAsResultOfSettlementOfArkansasRiverAgreement', window );">Reduction in Tap Participation Fee liability, HP A&amp;M receivable, collateral stock, and mineral interests received as a result of settlement of the Arkansas River Agreement</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,894,203<span></span>
</td>
<td class="nump">0<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_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1', window );">Assets acquired through WISE funding obligation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 1,381,004<span></span>
</td>
<td class="nump">$ 0<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>Deferred income related to oil &amp;amp;amp; gas lease bonus payments recognized 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 style="white-space:nowrap;">pcyo_DeferredOilAndGasLeaseBonusPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_GainOnExtinguishmentOfContingentObligationsAndDebt">
<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>Custom Element.</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 style="white-space:nowrap;">pcyo_GainOnExtinguishmentOfContingentObligationsAndDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_InvestmentInWellEnhancementRecoverSystems">
<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>Custom Element.</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 style="white-space:nowrap;">pcyo_InvestmentInWellEnhancementRecoverSystems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Payments made to export water contingent liability holders 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 style="white-space:nowrap;">pcyo_PaymentsToContingentLiabilityHolders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ProceedsFromSaleOfLandAndEasments">
<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>Custom Element.</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 style="white-space:nowrap;">pcyo_ProceedsFromSaleOfLandAndEasments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PurchaseOfShortTermInvestments">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_PurchaseOfShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ReductionInTapParticipationFeeLiabilityHpAmReceivableCollateralStockAndMineralInterestsReceivedAsResultOfSettlementOfArkansasRiverAgreement">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_ReductionInTapParticipationFeeLiabilityHpAmReceivableCollateralStockAndMineralInterestsReceivedAsResultOfSettlementOfArkansasRiverAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RetirementOfCollateralStock">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_RetirementOfCollateralStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations">
<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) of financing activities of 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<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 style="white-space:nowrap;">us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations">
<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) of investing activities of 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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 style="white-space:nowrap;">us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations">
<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) of operating activities of 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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 style="white-space:nowrap;">us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncreaseDecreaseInIncomeTaxes">
<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 taxing authorities for taxes that are based on the reporting entity's earnings, net of amounts receivable from taxing authorities for refunds of overpayments or recoveries of income taxes, and in deferred and other tax liabilities and 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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_InterestAndOtherIncome">
<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 interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</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 style="white-space:nowrap;">us-gaap_InterestAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<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) of financing activities, excluding 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInInvestingActivities">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<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) of investing activities, excluding 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInOperatingActivities">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>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_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<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 operating activities, excluding 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<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 style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1">
<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 fixed assets that an Entity acquires in a noncash (or part noncash) acquisition. 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<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 style="white-space:nowrap;">us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NotesReduction">
<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 value of notes retired (or transferred to another entity) in noncash investing or financing transactions.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<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 style="white-space:nowrap;">us-gaap_NotesReduction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Amount of income or gain included in net income that result in no cash inflow (outflow), classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_OtherNoncashIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PaymentsToAcquireInvestments">
<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 associated with the purchase of all investments (debt, security, other) 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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 style="white-space:nowrap;">us-gaap_PaymentsToAcquireInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PaymentsToAcquirePropertyPlantAndEquipment">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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 style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock issued as a result of the exercise of stock 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6813927328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ORGANIZATION<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</div></th></tr>
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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_DisclosureOrganizationAbstract', window );"><strong>Organization</strong></a></td>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pure Cycle Corporation (the &#147;Company&#148;)
was incorporated in Delaware in 1976 and reincorporated in Colorado in 2008. The Company owns assets in the Denver, Colorado metropolitan
area. The Company is currently using its water assets located in the Denver metropolitan area to provide wholesale water and wastewater
services to customers located in the Denver metropolitan area.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides a full line of wholesale
water and wastewater services which includes designing and constructing water and wastewater systems as well as operating and maintaining
such systems. The Company&#146;s business focus is to provide wholesale water and wastewater services, predominately to local
governmental entities, which provide services to their end-use customers throughout the Denver metropolitan area as well as along
the Colorado Front Range.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes it has sufficient working
capital and financing sources to fund its operations for at least the next fiscal year. As of August 31, 2016, the Company had
$4.7 million of cash and cash equivalents and $28.6 million of working capital.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=35735333&amp;loc=d3e288-107754<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 272<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=d3e5614-111684<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br></p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6734843296">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Aug. 31, 2016</div></th></tr>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Principles of Consolidation</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements of the
Company include the accounts of Pure Cycle Corporation and its majority-owned and controlled subsidiaries. Intercompany accounts
and transactions have been eliminated in consolidation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Use of Estimates</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of 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 that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Cash and Cash Equivalents</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 reputable financial institution. At various times during the fiscal year ended August 31,
2016, the Company&#8217;s main operating account exceeded federally insured limits. The Company has never suffered a loss due to
such excess balance.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Investments</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management determines the appropriate classification
of its investments in certificates of deposit and debt and equity securities at the time of purchase and reevaluates such determinations
each reporting period.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certificates of deposit and debt securities
are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. The
Company has $6.9 million of investments classified as held-to-maturity at August 31, 2016 which represent certificates of deposit
and U.S. treasury notes with maturity dates after August 31, 2017. Debt securities for which the Company does not have the positive
intent or ability to hold to maturity are classified as available-for-sale, along with any investments in equity securities. Securities
classified as available-for-sale are marked-to-market at each reporting period. Changes in value on such securities are recorded
as a component of <i>Accumulated other comprehensive income (loss).</i> The cost of securities sold is based on the specific identification
method. The Company&#8217;s certificates of deposit and debt securities mature at various dates through July 23, 2018.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Concentration of Credit Risk and Fair
Value</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject
the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. From time to time, the
Company places its cash in money market instruments, commercial paper obligations, corporate bonds and U.S. government treasury
obligations. To date, the Company has not experienced significant losses on any of these investments.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following methods and assumptions were used
to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Cash Equivalents &#8211;</i></b>
The Company&#8217;s cash and cash equivalents are reported using the values as reported by the financial institution where the
funds are held. These securities primarily include balances in the Company&#8217;s operating and savings accounts. The carrying
amount of cash and cash equivalents approximate fair value.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Trade Accounts Receivable &#8211;</i></b>
The Company records accounts receivable net of allowances for uncollectible accounts.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Investments &#8211;</i></b> The carrying
amounts of investments approximate fair value. Investments are described further in Note 3 &#8211; <i>Fair Value Measurements.</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Accounts Payable &#8211;</i></b> The carrying
amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Long-Term Financial Liabilities</i> &#8211;</b>
The Comprehensive Amendment Agreement No. 1 (the &#8220;CAA&#8221;) 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&#160;4&#160;&#8211; <i>Water and Land Assets</i>). The amount payable is a fixed amount but is repayable only
upon the sale of &#8220;Export Water&#8221; (defined in Note&#160;4&#160;&#8211; <i>Water and Land Assets</i>). Because of the
uncertainty of the sale of Export Water, the Company has determined that the recorded balance of the CAA does not have a determinable
fair value. The CAA is described further in Note&#160;5&#160;&#8211; <i>Participating Interests in Export Water</i>.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Notes Receivable &#8211; Related Parties</i>
&#8211;</b> The market value of the notes receivable &#8211; related parties: Rangeview Metropolitan District (the &#8220;District&#8221;)
and Sky Ranch Metropolitan District No. 5 are not practical to estimate due to the related party nature of the underlying transactions.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Off-Balance Sheet Instruments &#8211;</i></b>
The Company&#8217;s off-balance sheet instruments consist entirely of the contingent portion of the CAA. Because repayment of this
portion of the CAA is contingent on the sale of Export Water, which is not reasonably estimable, the Company has determined that
the contingent portion of the CAA does not have a determinable fair value. See further discussion in Note&#160;5&#160;&#8211; <i>Participating
Interests in Export Water</i>.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Cash Flows</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not pay any interest during
the fiscal year ended August 31, 2016. The Company paid $441,400 and $310,400 in interest during the fiscal years ended August
31, 2015 and 2014, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the fiscal year ended August 31, 2016, the
Company paid $292,700 for alternative minimum tax the Company owed as a result of the sale of the Company&#8217;s farm assets.
The Company did not pay any income taxes during the fiscal years ended August 31, 2015 and 2014.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Trade Accounts Receivable</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records accounts receivable net
of allowances for uncollectible accounts. Excluded in trade accounts receivable are balances due from discontinued operations.
The Company has not recorded an allowance for uncollectible accounts in receivables from continuing operations for either of the
periods ended August 31, 2016 or 2015. The allowance for uncollectible accounts was determined based on specific review of all
past due accounts.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Long-Lived Assets</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>&#160;</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reviews its long-lived assets for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability
of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows
expected to be generated by the eventual use of the asset. If such assets are considered to be impaired, the impairment to be</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">recognized is measured by the amount by which
the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the
carrying amount or fair value less costs to sell.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Capitalized Costs of Water and Wastewater
Systems and Depreciation and Depletion Charges</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 30 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.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company depletes its water 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.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Revenue Recognition</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates revenues through one line
of business. Its revenues are derived through its wholesale water and wastewater business, which is described below.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates revenues through its wholesale
water and wastewater business predominately from three sources: (i) monthly wholesale water usage fees and wastewater service fees,
(ii) one-time water and wastewater tap fees and construction fees, and (iii) consulting fees. Because these items are separately
delivered, the Company accounts for each of the items separately, as described below.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%">
<tr>
    <td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt"><b><i>i.</i></b></font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes wastewater processing
revenues monthly based on usage. The monthly wastewater service fees are shown net of amounts retained by the District. Amounts
recognized for water and wastewater services during the fiscal years ended August 31, 2016, 2015 and 2014 are presented in the
statements of operations. Costs of delivering water and providing wastewater service to customers are recognized as incurred.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company delivered 33.9&#160;million, 97.5
million and 190.1 million gallons of water to customers during the fiscal years ended August 31, 2016, 2015 and 2014, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%">
<tr>
    <td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-decoration: none"><font style="font-size: 8pt">ii.</font></td>
    <td style="padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-decoration: none; text-align: justify"><font style="font-size: 8pt"><u>Water and wastewater tap fees and construction fees</u> &#8211;<b><i>&#160;</i></b>Tap fees, also called system development fees, are received in advance, are non-refundable and are typically used to fund construction of certain facilities and defray the acquisition costs of obtaining water rights. Construction fees are fees used by the Company to construct assets that are typically required to be constructed by developers or home builders and are separate from tap fees.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proceeds from tap fees and construction fees
are deferred upon receipt and recognized in income either upon completion of construction of infrastructure or ratably over time,
depending on whether the Company owns the infrastructure constructed with the proceeds or a customer owns the infrastructure constructed
with the proceeds.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tap and construction fees derived from agreements
in which the Company will not own the assets constructed with the fees are recognized as revenue using the percentage-of-completion
method. Costs of construction of the assets when the Company will not own the assets are recorded as construction costs.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tap and construction fees derived from agreements
for which the Company will own the infrastructure are recognized as revenues ratably over the estimated accounting service life
of the facilities constructed, starting at completion of construction, which could be in excess of 30 years. Costs of construction
of the assets when the Company will own the assets are capitalized and depreciated over their estimated economic lives.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the Company enters into water
service agreements to provide water service to customers. The Company owns the facilities which store, treat, and deliver the water
and amortizes the cost of these facilities over their useful lives. The Company recognized $14,300 of tap fee revenue in each of
the three fiscal years ended August 31, 2016, 2015 and 2014. The Company recognized $41,500 of &#8220;Special Facilities&#8221;
funding as revenue in each of the three fiscal years ended August 31, 2016, 2015, and 2014. As of August 31, 2016, the Company
has deferred recognition of $1.1 million of tap and construction revenue from customer agreements, which will be recognized as
revenue ratably through 2036.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%">
<tr>
    <td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-decoration: none"><font style="font-size: 8pt">iii.</font></td>
    <td style="padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-decoration: none; text-align: justify"><font style="font-size: 8pt"><u>Consulting fees</u> &#8211; Consulting fees are fees the Company receives, typically on a monthly basis, from municipalities and area water providers along the I-70 corridor, for contract operations services.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><u>Royalty and Other Obligations</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from the sale of Export Water are shown
gross of royalties payable to the Land Board. Revenues from the sale of water on the Lowry Range are shown net of the royalties
to the Land Board and the amounts retained by the District.</p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><u>Oil and Gas Lease Payments</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As further described in Note 4 &#8211; <i>Water
and Land Assets</i> below, 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. Pursuant to the O&#38;G Lease, on March 10, 2011, the Company received
an up-front payment 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 owned by the Company at its Sky Ranch property. In December 2012, the O&#38;G Lease
was purchased by a wholly owned subsidiary of ConocoPhillips Company. The Company received an additional payment of $1,243,400
during February 2014 to extend the O&#38;G Lease an additional two years through February 2016, which was recognized as income
on a straight-line basis over two years (the extension term of the O&#38;G Lease). In addition, during the fiscal years ended August
31, 2015 and 2014, the Company received up-front payments of $72,000 and $12,540, respectively, for the purpose of exploring for,
developing, producing, and marketing oil and gas on 40 acres of mineral estate the Company owns adjacent to the Lowry Range (the
&#8220;Rangeview Lease&#8221;). The Company recognizes the up-front payments on a straight-line basis over the terms of the respective
leases. During the fiscal years ended August 31, 2016, 2015 and 2014, the Company recognized $360,800, $645,700, and $525,400,
respectively, of income related to the up-front payments received pursuant to these leases.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of August 31, 2016, the Company has deferred
recognition of $19,000 of income related to the Rangeview Lease, which will be recognized as income ratably through June 2017.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended February 28, 2015,
two wells were drilled within the Company&#8217;s mineral interest. Beginning in March 2015, both wells were placed into service
and began producing oil and gas and accruing royalties to the Company. In May 2015, certain gas collection infrastructure was extended
to the property to allow the collection of gas from the wells and accrual of royalties attributable to gas production. During the
fiscal years ended August 31, 2016 and 2015, the Company received $343,600 and $412,600, respectively, in royalties attributable
to these two wells.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><u>Share-based Compensation</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b></b>&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains a stock option plan for
the benefit of its employees and directors. The Company records share-based compensation costs which are measured at the grant
date based on the fair value of the award and are recognized as expense over the applicable vesting period of the stock award using
the straight-line method. 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 during the fiscal
years ended August 31, 2016 and 2015 had no impact on the income tax provisions.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized $219,900, $240,000, and
$251,900 of share-based compensation expenses during the fiscal<i>&#160;</i>years ended August 31, 2016, 2015 and 2014, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><u>Income Taxes</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses a &#8220;more-likely-than-not&#8221;
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 does not have any significant unrecognized tax benefits as of August 31, 2016.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 2012 through fiscal
2015. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s policy is to recognize interest
and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At August 31, 2016, the Company did
not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized
during the fiscal years ended August 31, 2016, 2015 or 2014.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Discontinued Operations</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2015, the Company sold approximately
14,600 acres of irrigated farm land and related Arkansas River water rights, which were substantially all of the assets comprising
the Company&#8217;s agricultural segment. Pursuant to the terms of the purchase and sale agreement, the Company continued to manage
and receive the lease income until December&#160;31, 2015. As a consequence of the sale, the operating results and the assets and
liabilities of the discontinued operations, which formerly comprised the agricultural segment, are presented separately in the
Company&#8217;s consolidated financial statements. Summarized financial information for the discontinued agricultural business
is shown below. Prior period balances have been reclassified to present the operations of the agricultural business as a discontinued
operation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; <b>Discontinued Operations Statements of Operations</b> &#160;</font></td>
    <td colspan="3">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="width: 12%; text-align: center">&#160;</td>
    <td style="width: 12%; text-align: center">&#160;</td></tr>
<tr>
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<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; <b>2016</b> &#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; <b>2015</b> &#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; <b>2014</b> &#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Farm revenues</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$267,472&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$1,127,155&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$1,068,026&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Farm expenses</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(77,132)</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(126,279)</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(88,105)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Gross profit</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;190,340&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;1,000,876&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;979,921&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">General and administrative expenses</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(313,389)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(760,192)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(911,230)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Impairment of land and water rights held for sale</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;-&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;-&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(402,657)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Operating (loss) profit</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(123,049)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;240,684&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(333,966)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Finance charges</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;38,428&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;21,710&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;14,392&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company anticipates continued expenses through
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included part of the discontinued business are presented in the following table:</p>

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<tr style="vertical-align: bottom">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><u>Loss per Common Share</u></b></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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
338,100, 312,100, and 315,100 common share equivalents as of August 31, 2016, 2015 and 2014, respectively, have been excluded from
the calculation of loss per common share as their effect is anti-dilutive.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><u>Recently Issued Accounting Pronouncements</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 ensure that there are proper controls in place to ascertain that the Company&#8217;s consolidated financial statements properly
reflect the change. New pronouncements assessed by the Company recently are discussed below:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2016, the Financial Accounting Standards
Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-12, <i>Revenue from Contracts with Customers
(Topic 606): Narrow-Scope Improvements and Practical</i></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Expedients.</i> ASU 2016-12 provides for
amendments to ASU No. 2014-09, <i>Revenue from Contracts with Customers</i>, amending the guidance on transition, collectability,
noncash consideration and the presentation of sales and other similar taxes. Specifically, ASU 2016-12 clarifies that, for a contract
to be considered completed at transition, all (or substantially all) of the revenue must have been recognized under legacy GAAP.
In addition, ASU 2016-12 clarifies how an entity should evaluate the collectability threshold and when an entity can recognize
nonrefundable consideration received as revenue if an arrangement does not meet the standard&#8217;s contract criteria. ASU 2016-12
is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting
period. Early adoption is&#160;permitted only for annual reporting periods beginning after December 15, 2016, including interim
periods within that period.&#160;The Company is assessing the impact of ASU 2016-12, but it does not expect the adoption of ASU
2016-12 to have a material impact on its financial statements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2016, the FASB issued ASU No. 2016-10,
<i>Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing</i>. ASU 2016-10 provides
for amendments to ASU No. 2014-09, <i>Revenue from Contracts with Customers,</i> reducing the complexity when applying the guidance
for identifying performance obligations and improving the operability and understandability of the license implementation guidance.
ASU 2016-10 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within
that reporting period. Early adoption is&#160;permitted only for annual reporting periods beginning after December 15, 2016, including
interim periods within that period. The Company is assessing the impact of ASU 2016-10, but it does not expect the adoption of
ASU 2016-10 to have a material impact on its financial statements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2016, the FASB issued ASU No. 2016-08,
<i>Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</i>.
ASU 2016-08 provides for amendments to ASU No. 2014-09, <i>Revenue from Contracts with Customers</i>, clarifying the implementation
guidance on principal versus agent considerations in the new revenue recognition standard. Specifically, ASU 2016-08 clarifies
how an entity should identify the unit of accounting (i.e., the specified good or service) for the principal versus agent evaluation
and how it should apply the control principle to certain types of arrangements. ASU 2016- is effective for annual reporting periods
beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is&#160;permitted
only for annual reporting periods beginning after December 15, 2016, including interim periods within that period. The Company
is assessing the impact of ASU 2016-08, but it does not expect the adoption of ASU 2016-08 to have a material impact on its financial
statements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2014, the FASB issued ASU No. 2014-08,
<i>Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):</i>&#160;<i>Reporting Discontinued
Operations and Disclosures of Disposals of Components of an Entity</i>. ASU 2014-08 changes the presentation and disclosure requirements
for discontinued operations. The update was adopted by the Company in fiscal year 2016.</p><span></span>
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</tr>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FAIR VALUE MEASUREMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Aug. 31, 2016</div></th></tr>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 1 &#8212; Valuations for assets and liabilities
traded in active exchange markets, such as the NASDAQ Stock Market. The Company had one of these assets and no liabilities as of
August 31, 2016. The Company had no Level 1 assets or liabilities as of August 31, 2015.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 36 Level 2 assets as of August 31, 2016, which consist of certificates of deposit and U.S. treasury notes. The
Company had no Level 2 assets or liabilities as of August 31, 2015.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 no Level 3
assets or liabilities as of August 31, 2016 or 2015.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains policies and procedures
to value instruments using what management believes to be the best and most relevant data available.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Level 2 Asset &#8211; Available for Sale
Securities.</i></b> The Company&#8217;s available for sale securities are the Company&#8217;s only financial asset measured at
fair value on a recurring basis. The fair value of the available for sale securities is based on the values reported by the financial
institutions where the funds are held.&#160;These securities include only federally insured certificates of deposit.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides information on
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
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    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
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<tr style="vertical-align: bottom">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6734424864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>WATER AND LAND ASSETS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<tr style="vertical-align: bottom">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Depletion and Depreciation</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded $500, $7,000, and $4,400
of depletion charges during the fiscal years ended August 31, 2016, 2015 and 2014, respectively. During the fiscal year ended August
31, 2016, this related entirely to the Rangeview Water Supply (defined below), and during the fiscal years ended August 31, 2015
and 2014, this related to the Rangeview Water Supply and the Sky Ranch water supply (discussed below).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded $419,600, $340,300 and
$192,200 of depreciation expense in each of the fiscal years ended August 31, 2016, 2015 and 2014, respectively. These figures
include depreciation for other equipment not included in the table above.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Rangeview Water Supply and Water System</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The &#147;Rangeview Water Supply&#148; consists
of 22,985 acre feet and is a combination of tributary surface water and groundwater rights along with certain storage rights associated
with the Lowry Range, a 27,000-acre property owned by the Land Board located 16 miles southeast of Denver, Colorado. Approximately
$14.4 million of Investments in Water and Water Systems on the Company&#146;s balance sheet as of August 31, 2016, represents
the costs of assets acquired or facilities constructed to extend water service to customers located on and off the Lowry Range.
The recorded costs of the Rangeview Water Supply include payments to the sellers of the Rangeview Water Supply, design and construction
costs and certain direct costs related to improvements to the asset including legal and engineering fees.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company acquired the Rangeview Water Supply
beginning in 1996 when:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr>
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    <td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The District entered into the 1996 Amended and Restated Lease Agreement with the Land Board, which owns the Lowry Range;</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<tr>
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    <td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Company entered into the Agreement for Sale of Export Water with the District;</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<tr>
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    <td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">The Company entered into the 1996 Service Agreement with the District for the provision of water service to the Lowry Range; and</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<tr>
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    <td style="padding: 0.75pt; text-align: justify"><font style="font-size: 8pt">In 1997, the Company entered into the Wastewater Service Agreement with the District for the provision of wastewater service to the District&#146;s service area.</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2014, the Company, the District and
the Land Board entered into the 2014 Amended and Restated Lease (the &#147;Lease&#148;), which superseded the original 1996 lease,
and the Company and the District entered into an Amended and Restated Service Agreement. Collectively, the foregoing agreements,
as amended, are referred to as the &#147;Rangeview Water Agreements.&#148;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Rangeview Water Agreements,
the Company owns 11,650 acre feet of water consisting of 10,000 acre feet of groundwater and 1,650 acre feet of average yield surface
water which can be exported off the Lowry Range to serve area users (referred to as &#147;Export Water&#148;). The 1,650 acre
feet of surface rights are subject to completion of documentation by the Land Board related to the Company&#146;s exercise of
its right to substitute an aggregate gross volume of 165,000 acre feet of its groundwater for 1,650 acre feet per year of adjudicated
surface water and to use this surface water as Export Water. Additionally, assuming completion of the substitution of groundwater
for surface water, the Company has the exclusive right to provide water and wastewater service, through 2081, to all water users
on the Lowry Range and the right to develop an additional 12,035 acre feet of groundwater and 1,650 acre feet of adjudicated surface
water to serve customers either on or off the Lowry Range. The Rangeview Water Agreements also provide for the Company to use surface
reservoir storage capacity in providing water service to customers both on and off the Lowry Range.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Services on the Lowry Range &#150;</i></b>
Pursuant to the Rangeview Water Agreements, the Company designs, finances, constructs, operates and maintains the District&#146;s
water and wastewater systems to provide service to the District&#146;s customers on the Lowry Range. The Company will operate
both the water and the wastewater systems during the contract period, and the District owns both systems. After 2081, ownership
of the water system will revert to the Land Board, with the District retaining ownership of the wastewater system.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rates and charges for all water and wastewater
services on the Lowry Range, including tap fees and usage or monthly fees, are governed by the terms of the Rangeview Water Agreements.
Rates and charges are required to be less than the average of similar rates and charges of three surrounding municipal water and
wastewater service providers, which are reassessed annually. Pursuant to the Rangeview Water Agreements the Land Board receives
a royalty of 10% or 12% of gross revenues from the sale or disposition of the water depending on the purchaser of the water, except
that the royalty on tap fees shall be 2% (other than taps sold for Sky Ranch which are exempt). The Company also is required to
pay the Land Board a minimum annual water production fee, which will offset future royalty obligations. The Company and the Land
Board are working cooperatively to clarify the calculation of the minimum annual production fee. Pursuant to the Company&#146;s
determination, the Company has made payments of $45,600 for each of the past two years. The Company does not anticipate any modification
to the minimum fee to be material.&#160;The District retains 2% of the remaining gross revenues and the Company receives 98% of
the remaining gross revenues after the Land Board royalty. The Land Board does not receive a royalty on wastewater fees. The Company
receives 100% of the District&#146;s wastewater tap fees and 90% of the District&#146;s wastewater usage fees (the District retains
the other 10%).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Export Water &#150;</i></b> The Company
owns the Export Water and intends to use it to provide water and wastewater services to customers off the Lowry Range. The Company
will own all wholesale facilities required to extend water and wastewater services using its Export Water. The Company anticipates
contracting with third parties for the construction of these facilities. If the Company sells water, the Company is required to
pay royalties to the Land Board ranging from 10% to 12% of gross revenues.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>The Arapahoe County Fairgrounds Water
and Water System</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company owns 321 acre feet of groundwater
purchased pursuant to its agreement with Arapahoe County. The Company plans to use this water in conjunction with its Rangeview
Water Rights in providing water to areas outside the Lowry Range. The $2.9 million of capitalized costs includes the costs to construct
various Wholesale and Special Facilities, including a new deep water well, a 500,000-gallon water tank and pipelines to transport
water to the Arapahoe County fairgrounds.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Sky Ranch</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2010, the Company purchased approximately
931 acres of undeveloped land known as Sky Ranch. The property includes the rights to approximately 830 acre feet of water.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total consideration for the land and water included
the $7.0 million purchase price, plus direct costs and fees of $554,100. The Company allocated the total acquisition cost to the
land and water rights based on estimates of each asset&#146;s respective fair value.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>O&#38;G Lease</i></b> <b>&#150;</b> On
March 10, 2011, the Company entered into the O&#38;G Lease and the Surface Use Agreement with Anadarko. Pursuant to the O&#38;G
Lease, the Company received an up-front payment 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 owned by the Company at its Sky Ranch property. The Company also received
$9,000 in surface use and damage payments. In December 2012, the O&#38;G Lease was purchased by a wholly owned subsidiary of ConocoPhillips
Company. The Company received an additional payment of $1,243,400 during February 2014 to extend the O&#38;G Lease an additional
two years through February 2016. The O&#38;G Lease is now held by production entitling the Company to royalties based on production.</p><span></span>
</td>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6728118480">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PARTICIPATING INTERESTS IN EXPORT WATER<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</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_DisclosureParticipatingInterestsInExportWaterAbstract', window );"><strong>Participating Interests In Export Water</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company acquired its Rangeview Water Supply
through various amended agreements entered into in the early 1990s. 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&#146;s Export Water (described
in greater detail in Note 4 &#150; <i>Water and Land Assets</i>). 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 investment.
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&#146;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.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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<i>&#160;</i>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, approximately 35% of each payment remitted to the CAA holders is allocated
to the recorded liability account. The remaining portion of each payment, or approximately 65%, is allocated to the contingent
obligation, which is recorded on a net revenue basis.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the Company repurchased various
portions of the CAA obligations, which retained their original priority. The Company did not make any CAA acquisitions during the
fiscal years ended August 31, 2016 or 2015. In July 2014, the Land Board relinquished its approximately $2.4 million of CAA interests
to the Company as part of a settlement of the 2011 lawsuit filed by the Company and the District against the Land Board.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the acquisitions, the relinquishment
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
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<tr style="vertical-align: bottom">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt; color: #333333">(10,622,100</font></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt; color: #333333">(19,806,800</font></td>
    <td><font style="font-size: 8pt; color: #333333">)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt; color: #333333">&#160; Option payments - Sky Ranch</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6813930016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM DEBT AND OPERATING LEASE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</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_DisclosureLongtermObligationsAndOperatingLeaseAbstract', window );"><strong>Long-Term Obligations And Operating Lease</strong></a></td>
<td class="text">&#160;<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_DebtAndCapitalLeasesDisclosuresTextBlock', window );">LONG-TERM DEBT AND OPERATING LEASE</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of August 31, 2016 and 2015, the Company
had no debt.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Participating Interests in Export Water
Supply are obligations of the Company that have no scheduled maturity dates. Therefore, these liabilities are not disclosed in
tabular format. However, the Participating Interests in Export Water Supply are described in Note 5&#160;&#150; <i>Participating
Interests in Export Water</i>.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><u>WISE Partnership</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During December 2014, the Company, through the
District, consented to the waiver of all contingencies set forth in the Amended and Restated WISE Partnership &#150; Water Delivery
Agreement, dated December 31, 2013 (the &#147;WISE Partnership Agreement&#148;), among the City and County of Denver acting through
its Board of Water Commissioners (&#147;Denver Water&#148;), the City of Aurora acting by and through its Utility Enterprise
(&#147;Aurora Water&#148;), and the South Metro WISE Authority (&#147;SMWA&#148;). The SMWA was formed by the District and
nine other governmental or quasi-governmental water providers pursuant to the South Metro WISE Authority Formation and Organizational
Intergovernmental Agreement, dated December 31, 2013 (the &#147;SM IGA&#148;), to enable the members of SMWA to participate in
the regional water supply project known as the Water Infrastructure Supply Efficiency partnership (&#147;WISE&#148;) created
by the WISE Partnership Agreement. The SM IGA specifies each member&#146;s pro rata share of WISE and the members&#146; rights
and obligations with respect to WISE. The WISE Partnership Agreement provides for the purchase of certain infrastructure (i.e.,
pipelines, water storage facilities, water treatment facilities, and other appurtenant facilities) to deliver water to and among
the 10 members of the SMWA, Denver Water and Aurora Water. Certain infrastructure has been constructed and other infrastructure
will be constructed over the next several years.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By consenting to the waiver of the contingencies
set forth in the WISE Partnership Agreement, pursuant to the terms of the Rangeview/Pure Cycle WISE Project Financing Agreement
(the &#147;WISE Financing Agreement&#148;) between the Company and the District, the Company has an agreement to fund the District&#146;s
participation in WISE effective as of December 22, 2014. The Company&#146;s cost of funding the District&#146;s purchase of its
share of existing infrastructure and future infrastructure for WISE and funding operations and water deliveries related to WISE
is projected to be approximately $5.6 million over the next five years. See further discussion in Note 14 <b>&#150;</b> <i>Related
Party Transactions.</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Operating Lease</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective January 2016, the Company entered
into an operating lease for approximately 2,500 square feet of office and warehouse space. The lease has a one-year term with payments
of $3,000 per month.</p><span></span>
</td>
</tr>
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<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>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6813934976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</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_DisclosureShareholdersEquityAbstract', window );"><strong>Shareholders Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Preferred Stock</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#146;s non-voting Series B Preferred
Stock has a preference in liquidation of $1.00 per share less any dividends previously paid. Additionally, the Series B Preferred
Stock is redeemable at the discretion of the Company for $1.00 per share less any dividends previously paid. In the event that
the Company&#146;s proceeds from sale or disposition of Export Water rights exceed $36,026,232, the Series B Preferred Stock holders
will receive the next $432,513 of proceeds in the form of a dividend.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Equity Compensation Plan</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains the 2014 Equity Incentive
Plan (the &#147;2014 Equity Plan&#148;), which was approved by shareholders in January 2014 and became effective April 12, 2014.
Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants pursuant
to the 2014 Equity Plan. Pursuant to the 2014 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 has reserved 1.6 million shares of common stock for issuance under the 2014 Equity Plan. Awards to purchase
62,000 shares of the Company&#146;s common stock have been made under the 2014 Equity Plan. Prior to the effective date of the
2014 Equity Plan, the Company granted stock awards to eligible participants under its 2004 Incentive Plan (the &#147;2004 Incentive
Plan&#148;), which expired April 11, 2014. No additional awards may be granted pursuant to the 2004 Incentive Plan; however, awards
outstanding as of April 11, 2014, will continue to vest and expire and may be exercised in accordance with the terms of the 2004
Incentive Plan.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates the fair value of share-based
payment awards on the date of grant using the Black-Scholes option-pricing model (&#147;Black-Scholes model&#148;). Using the
Black-Scholes model, the value of the portion of the award that is ultimately expected to vest is recognized as a period expense
over the requisite service period in the statement of operations. Option forfeitures are to be estimated at the time of grant and
revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company does not expect any
forfeiture of its option grants and therefore the compensation expense has not been reduced for estimated forfeitures. During fiscal
year 2015, 12,500 options expired and 16,500 were exercised. During fiscal year 2016, 10,000 options expired. The Company attributes
the value of share-based compensation to expense using the straight-line single option method for all options granted.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#146;s determination of the estimated
fair value of share-based payment awards on the date of grant is affected by the following variables and assumptions:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2016, the Company granted its non-employee
directors options to purchase a combined 36,000 shares of the Company&#146;s common stock pursuant to the 2014 Equity Plan. Options
for 26,000 shares vest one year after the date of grant, and options for 10,000 shares vest one-half one year after the date of
grant and one-half two years after the date of grant. All of the options expire 10 years after the date of grant. The Company calculated
the fair value of the options granted during January 2016 at approximately $104,100, using the Black Scholes model with the following
variables: weighted average exercise price of $4.26 (which was the closing sales price of the Company&#146;s common stock on the
date of grant); estimated option lives of 10 years; weighted average risk free interest rate of 2.06%; weighted average stock price
volatility of 58.26%; and an estimated forfeiture rate of 0%. The $104,100 of stock-based compensation is being expensed monthly
over the vesting periods.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2015, the Company granted its non-employee
directors options to purchase a combined 26,000 shares of the Company&#146;s common stock pursuant to the 2014 Equity Plan. The
options vest one year after the date of grant and expire 10 years after the date of grant. The Company calculated the fair value
of the options granted during January 2015 at approximately $72,000, using the Black Scholes model with the following variables:
weighted average exercise price of $4.17 (which was the closing sales price of the Company&#146;s common stock on the date of
grant); estimated option lives of 10 years; weighted average risk free interest rate of 1.77%; weighted average stock price volatility
of 57.45%; and an estimated forfeiture rate of 0%. The $72,000 of stock-based compensation is being expensed monthly over the vesting
periods.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2014, the Company granted its non-employee
directors options to purchase a combined 32,500 shares of the Company&#146;s common stock pursuant to the 2004 Incentive Plan.
The options vest one year after the date of grant and expire 10 years after the date of grant. The Company calculated the fair
value of these options at $132,900 using the Black-Scholes model with the following variables: weighted average exercise price
of $6.08 (which was the closing sales price of the Company&#146;s common stock on the date of grant); estimated option lives of
10&#160;years; estimated dividend rate of 0%; weighted average risk-free interest rate of 1.84%; weighted average stock price volatility
of 63.6%; and an estimated forfeiture rate of 0%. The $132,900 of stock-based compensation was being expensed monthly over the
vesting periods.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the fiscal year ended August 31, 2015,
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the stock option
activity for the combined 2004 Incentive Plan and 2014 Equity Plan for the fiscal year ended August 31, 2016:</p>

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these options are expected to vest is less than three years. The Company has not recorded any excess tax benefits to additional
paid in capital.</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Warrants</u></b></p>

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earlier of:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No warrants were exercised during fiscal 2016,
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6813930016">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT CUSTOMERS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company sells wholesale water and wastewater
services to the District pursuant to the Rangeview Water Agreements. Sales to the District accounted for 67%, 19% and 7% of the
Company&#146;s total water and wastewater revenues for the fiscal years ended August 31, 2016, 2015 and 2014, respectively. The
District had one significant customer, the Ridgeview Youth Services Center. Pursuant to the Rangeview Water Agreements, the Company
is providing water and wastewater services to this customer on behalf of the District. The District&#146;s significant customer
accounted for 55%, 16%, and 7% of the Company&#146;s total water and wastewater revenues for the fiscal years ended August 31,
2016, 2015 and 2014, respectively.</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from another customer directly and
indirectly represented approximately less than 1%, 75% and 88% of the Company&#146;s water and wastewater revenues for the fiscal
years ended August 31, 2016, 2015 and 2014, respectively.</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had accounts receivable from the
District which accounted for 74% and 87% of the Company&#146;s water and wastewater trade receivables balances at August 31, 2016
and 2015, respectively. Accounts receivable from the District&#146;s largest customer accounted for 63% and 77% of the Company&#146;s
water and wastewater trade receivables as of August 31, 2016 and 2015, respectively.</p><span></span>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6813908800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred income taxes reflect the tax effects
of net operating loss carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. Significant components of the Company&#8217;s deferred tax assets
as of August 31 are as follows:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr>
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    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; For the Fiscal Years Ended August 31, &#160;</font></td></tr>
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    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; 2016 &#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; 2015 &#160;</font></td></tr>
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    <td><font style="font-size: 8pt">Deferred tax assets:</font></td>
    <td style="text-align: center">&#160;</td>
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<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Net operating loss carryforwards</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$2,393,200&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$1,816,200&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Deferred revenue</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;344,300&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;503,300&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Depreciation and depletion</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;247,400&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;320,300&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Other</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;65,600&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;34,200&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Valuation allowance</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(3,050,500)</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(2,674,000)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Net deferred tax asset</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$-&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$-&#160;</font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has recorded a valuation allowance
against the deferred tax assets as the Company is unable to reasonably determine if it is more likely than not that deferred tax
assets will ultimately be realized.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Income taxes computed using the federal statutory
income tax rate differs from our effective tax rate primarily due to the following for the fiscal years ended August 31:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <td colspan="3" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; For the Fiscal Years Ended August 31, &#160;</font></td></tr>
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    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; 2016 &#160;</font></td>
    <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; 2015 &#160;</font></td>
    <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; 2014 &#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Expected benefit from federal taxes at statutory rate of 34%</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$(420,300)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$(195,500)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$97,100&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">State taxes, net of federal benefit</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(40,700)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(19,000)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;9,400&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Expiration of net operating losses</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;-&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;-&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;89,400&#160;</font></td></tr>
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    <td><font style="font-size: 8pt">Permanent and other differences</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;84,500&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;91,900&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;96,500&#160;</font></td></tr>
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    <td><font style="font-size: 8pt">Change in valuation allowance</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;376,500&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;122,600&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(292,400)</font></td></tr>
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    <td><font style="font-size: 8pt">Total income tax expense / (benefit)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$-&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$-&#160;</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At August 31, 2016, the Company has $6.5&#160;million
of net operating loss carryforwards available for income tax purposes, which expire between fiscal 2032 and 2036. Utilization of
these net operating loss carryforwards may be subject to substantial annual ownership change limitations provided by the Internal
Revenue Code. Such an annual limitation could result in the expiration of the net operating loss carryforwards before utilization.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No net operating loss carryforwards expired
during the fiscal years ended August 31, 2016 or 2015. Net operating loss carryforwards of $239,600 expired during the fiscal year
ended August 2014.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32559-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32718-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>401(k) PLAN<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Aug. 31, 2016</div></th></tr>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6613021536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LITIGATION LOSS CONTINGENCIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</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_DisclosureLitigationLossContingenciesAbstract', window );"><strong>Litigation Loss Contingencies</strong></a></td>
<td class="text">&#160;<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_LegalMattersAndContingenciesTextBlock', window );">LITIGATION LOSS CONTINGENCIES</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has historically been 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&#146;s financial position, results of operations or
cash flows.</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies.</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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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6729919296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENT REPORTING<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the sale of the Company&#146;s agricultural
assets and the residual operations through December 31, 2015, the Company operated primarily in two lines of business: (i)&#160;the
wholesale water and wastewater business and (ii)&#160;the agricultural farming business. The Company has discontinued its agricultural
farming operations. Currently the Company operates its wholesale water and wastewater services segment as its only line of business.
The wholesale water and wastewater services business includes selling water service to customers, which is then provided by the
Company using water rights owned or controlled by the Company and developing infrastructure to divert, treat and distribute that
water and collect, treat and reuse wastewater.</p><span></span>
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<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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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 34<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8981-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 41<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e9038-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 33<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8971-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8595-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8380-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8844-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 35<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8984-108599<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 40<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e9031-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 42<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e9054-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8538-108599<br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 29<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8864-108599<br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8924-108599<br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8906-108599<br></p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6813941392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</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_DisclosureRelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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;). The Company provided funding of $113,600, $78,600,
and $114,900 for the fiscal years ended August 31, 2016, 2015, and 2014, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Through the WISE Financing Agreement, to date
the Company made payments of $2,870,500 to purchase certain rights to use existing water transmission and related infrastructure
acquired by the WISE project and to construct the connection to the WISE system. The amounts are included as Investments in Water
and Water Systems on the Company&#8217;s balance sheet as of August 31, 2016. The Company anticipates spending the following over
the next five fiscal years to fund the District&#8217;s purchase of its share of the water transmission line and additional facilities,
water and related assets for WISE and to fund operations and water deliveries related to WISE:</p>



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    <td colspan="19" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Estimated WISE Costs</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-size: 8pt; padding-bottom: 1pt">&#160;</td>
    <td colspan="19" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">For the Fiscal Years Ended August 31,</td></tr>
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    <td>&#160;</td><td style="font-size: 8pt; padding-bottom: 1pt">&#160;</td>
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    <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">96,600</td><td style="width: 1%; font-size: 8pt; text-align: left">&#160;</td><td style="width: 2%; font-size: 8pt">&#160;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">96,600</td><td style="width: 1%; font-size: 8pt; text-align: left">&#160;</td><td style="width: 2%; font-size: 8pt">&#160;</td>
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    <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">96,600</td><td style="width: 1%; font-size: 8pt; text-align: left">&#160;</td><td style="width: 2%; font-size: 8pt">&#160;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 9%; font-size: 8pt; text-align: right">96,600</td><td style="width: 1%; font-size: 8pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">45,000</td><td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt">&#160;</td>
    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">225,000</td><td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt">&#160;</td>
    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">495,000</td><td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt">&#160;</td>
    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">675,000</td><td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt">&#160;</td>
    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">855,000</td><td style="font-size: 8pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">464,000</td><td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt">&#160;</td>
    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">339,000</td><td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt">&#160;</td>
    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">464,000</td><td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt">&#160;</td>
    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">1,339,200</td><td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt">&#160;</td>
    <td style="font-size: 8pt; text-align: left">&#160;</td><td style="font-size: 8pt; text-align: right">57,100</td><td style="font-size: 8pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has outstanding loans of $800,400
to the District and Sky Ranch Metropolitan District No. 5, which are both related parties, as discussed below:</p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>The District</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 1995, the Company extended a loan to the
District. The loan provided for borrowings of up to $250,000, is unsecured, and bears interest based on the prevailing prime rate
plus 2% (5.5% at August 31, 2016). The maturity date of the loan is December 31, 2020. Beginning in January 2014, the District
and the Company entered into a funding agreement that allows the Company to continue to provide funding to the District for day-to-day
operations and accrue the funding into a note that bears interest at a rate of 8% per annum and remains in full force and effect
for so long as the 2014 Amended and Restated Lease Agreement remains in effect.&#160;The $628,500 balance of the notes receivable
at August 31, 2016, includes borrowings of $260,200 and accrued interest of $368,300. The $591,200 balance of the notes receivable
at August 31, 2015, includes borrowings of $237,000 and accrued interest of $354,200.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Sky Ranch Metropolitan District No. 5</u></b></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each year, beginning in 2012, the Company has
entered into an Operation Funding Agreement with Sky Ranch Metropolitan District No. 5 obligating the Company to advance funding
to the district for the district's operations and maintenance expenses for the then current calendar year. The District is expected
to repay the amounts advanced pursuant to the funding agreements from future revenues from property tax assessments. All payments
are subject to annual appropriations by the district in its absolute discretion. The advances by the Company accrue interest at
a rate of 8% per annum from the date of the advance.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2014, but effective as of January
1, 2014, the Company entered into a Facilities Funding and Acquisition Agreement with Sky Ranch Metropolitan District No. 5 obligating
the Company to either finance district improvements or to construct improvements on behalf of the district subject to reimbursement.
Improvements subject to this agreement are determined pursuant to a mutually agreed upon budget. Each year in September, the partieis
are to mutually determine the improvements required for the following year and finalize a budget by the end of October. Each advance
or reimbursable expense accrues interest at a rate of 6% per annum. No payments are required by the district unless and until the
district issues bonds in an amount sufficient to reimburse the Company for all or a portion of the advances and costs incurred.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Operation Funding Agreements
and the Facilities Funding and Acquisition Agreement, the Company has provided funding to the district in the amounts of $8,500,
$97,500 and $50,900 for the fiscal years 2016, 2015, and 2014, respectively. The $171,900 balance of the receivable at August 31,
2016, includes advances of $156,900 and accrued interest of $15,000. Upon the district&#8217;s ratification of the advances and related expenditures, the amount was reclassified
to long-term and is recorded as part of Notes receivable &#8211; related parties.</p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>UNAUDITED QUARTERLY FINANCIAL DATA<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr style="vertical-align: bottom; background-color: White">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following item had a significant impact on the Company&#146;s
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<table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr>
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</table><span></span>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6821175408">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</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_DisclosurePresentationOfInterimInformationPoliciesAbstract', window );"><strong>Presentation Of Interim Information Policies</strong></a></td>
<td class="text">&#160;<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_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements of the
Company include the accounts of Pure Cycle Corporation and its majority-owned and controlled subsidiaries. Intercompany accounts
and transactions have been eliminated in consolidation.</p><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_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;) 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.</p><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_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents include all highly
liquid debt instruments with original maturities of three months or less. The Company&#146;s cash equivalents are comprised entirely
of money market funds maintained at a reputable financial institution. At various times during the fiscal year ended August 31,
2016, the Company&#146;s main operating account exceeded federally insured limits. The Company has never suffered a loss due to
such excess balance.</p><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_InvestmentPolicyTextBlock', window );">Investments</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management determines the appropriate classification
of its investments in certificates of deposit and debt and equity securities at the time of purchase and reevaluates such determinations
each reporting period.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certificates of deposit and debt securities
are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. The
Company has $6.9 million of investments classified as held-to-maturity at August 31, 2016 which represent certificates of deposit
and U.S. treasury notes with maturity dates after August 31, 2017. Debt securities for which the Company does not have the positive
intent or ability to hold to maturity are classified as available-for-sale, along with any investments in equity securities. Securities
classified as available-for-sale are marked-to-market at each reporting period. Changes in value on such securities are recorded
as a component of <i>Accumulated other comprehensive income (loss).</i> The cost of securities sold is based on the specific identification
method. The Company&#146;s debt securities mature at various dates through July 23, 2018.</p><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 );">Concentration of Credit Risk and Fair Value</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject
the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. From time to time, the
Company places its cash in money market instruments, commercial paper obligations, corporate bonds and U.S. government treasury
obligations. To date, the Company has not experienced significant losses on any of these investments.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following methods and assumptions were used
to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Cash Equivalents &#150;</i></b>
The Company&#146;s cash and cash equivalents are reported using the values as reported by the financial institution where the
funds are held. These securities primarily include balances in the Company&#146;s operating and savings accounts. The carrying
amount of cash and cash equivalents approximate fair value.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Trade Accounts Receivable &#150;</i></b>
The Company records accounts receivable net of allowances for uncollectible accounts.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Investments &#150;</i></b> The carrying
amounts of investments approximate fair value. Investments are described further in Note 3 &#150; <i>Fair Value Measurements.</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Accounts Payable &#150;</i></b> The carrying
amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Long-Term Financial Liabilities</i></b>
<b>&#150;</b> The Comprehensive Amendment Agreement No. 1 (the &#147;CAA&#148;) is comprised of a recorded balance and an off-balance
sheet or &#147;contingent&#148; obligation associated with the Company&#146;s acquisition of its &#147;Rangeview Water Supply&#148;
(defined in Note&#160;4&#160;&#150; <i>Water and Land Assets</i>). The amount payable is a fixed amount but is repayable only
upon the sale of &#147;Export Water&#148; (defined in Note&#160;4&#160;&#150; <i>Water and Land Assets</i>). Because of the
uncertainty of the sale of Export Water, the Company has determined that the recorded balance of the CAA does not have a determinable
fair value. The CAA is described further in Note&#160;5&#160;&#150; <i>Participating Interests in Export Water</i>.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Notes Receivable &#150; Related Parties</i></b>
<b>&#150;</b> The market value of the notes receivable &#150; related parties: Rangeview Metropolitan District (the &#147;District&#148;)
and Sky Ranch Metropolitan District No. 5 are not practical to estimate due to the related party nature of the underlying transactions.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Off-Balance Sheet Instruments &#150;</i></b>
The Company&#146;s off-balance sheet instruments consist entirely of the contingent portion of the CAA. Because repayment of this
portion of the CAA is contingent on the sale of Export Water, which is not reasonably estimable, the Company has determined that
the contingent portion of the CAA does not have a determinable fair value. See further discussion in Note&#160;5&#160;&#150; <i>Participating
Interests in Export Water</i>.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_CashFlowsPolicyTextBlock', window );">Cash Flows</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company did not pay any interest during
the fiscal year ended August 31, 2016. The Company paid $441,400 and $310,400 in interest during the fiscal years ended August
31, 2015 and 2014, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the fiscal year ended August 31, 2016, the
Company paid $292,700 for alternative minimum tax the Company owed as a result of the sale of the Company&#146;s farm assets.
The Company did not pay any income taxes during the fiscal years ended August 31, 2015 and 2014.</p><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_ReceivablesPolicyTextBlock', window );">Trade Accounts Receivable</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records accounts receivable net
of allowances for uncollectible accounts. Excluded in trade accounts receivable are balances due from discontinued operations.
The Company has not recorded an allowance for uncollectible accounts in receivables from continuing operations for either of the
periods ended August 31, 2016 or 2015. The allowance for uncollectible accounts was determined based on specific review of all
past due accounts.</p><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_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock', window );">Long-Lived Assets</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reviews its long-lived assets for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability
of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows
expected to be generated by the eventual use of the asset. If such assets are considered to be impaired, the impairment to be recognized
is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed
of are reported at the lower of the carrying amount or fair value less costs to sell.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicy', window );">Capitalized Costs of Water and Wastewater Systems and Depreciation and Depletion Charges</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Costs to construct water and wastewater systems
that meet the Company&#146;s capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line
basis over their estimated useful lives of up to 30 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.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company depletes its water 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.</p><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_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates revenues through one line
of business. Its revenues are derived through its wholesale water and wastewater business, which is described below.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generates revenues through its wholesale
water and wastewater business predominately from three sources: (i) monthly wholesale water usage fees and wastewater service fees,
(ii) one-time water and wastewater tap fees and construction fees, and (iii) consulting fees. Because these items are separately
delivered, the Company accounts for each of the items separately, as described below.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%">
<tr>
    <td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt"><b><i>i.</i></b></font></td>
    <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline; text-align: justify"><font style="font-size: 8pt"><u>Monthly wholesale water and wastewater service fees</u> <b><i>&#8211;</i></b> Monthly wholesale water usage charges are assessed to the Company&#8217;s customers based on actual metered usage each month plus a base monthly service fee assessed per single family equivalent (&#8220;SFE&#8221;) unit served. One SFE is a customer, whether residential, commercial or industrial, that imparts a demand on the Company&#8217;s water or wastewater systems similar to the demand of a family of four persons living in a single family house on a standard sized lot. One SFE is assumed to have a water demand of approximately 0.4 acre feet per year and to contribute wastewater flows of approximately 300 gallons per day. Water usage pricing uses a tiered pricing structure. The Company recognizes wholesale water usage revenues upon delivering water to its customers or its governmental customers&#8217; end-use customers, as applicable. Revenues recognized by the Company from the sale of &#34;Export Water&#34; are shown gross of royalties to the State of Colorado Board of Land Commissioners (the &#8220;Land Board&#8221;). Revenues recognized by the Company from the sale of water on the &#34;Lowry Range&#34; are shown net of royalties paid to the Land Board and amounts retained by the Rangeview Metropolitan District (the &#8220;District&#8221;). See further description of &#34;Export Water&#34; and the &#34;Lowry Range&#34; in Note 4 - <i>Water and Land Assets</i> under &#34;Rangeview Water Supply and Water System.&#34;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes wastewater processing
revenues monthly based on usage. The monthly wastewater service fees are shown net of amounts retained by the District. Amounts
recognized for water and wastewater services during the fiscal years ended August 31, 2016, 2015 and 2014 are presented in the
statements of operations. Costs of delivering water and providing wastewater service to customers are recognized as incurred.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company delivered 33.9&#160;million, 97.5
million and 190.1 million gallons of water to customers during the fiscal years ended August 31, 2016, 2015 and 2014, respectively.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%">
<tr>
    <td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">ii.</font></td>
    <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline; text-align: justify"><font style="font-size: 8pt"><u>Water and wastewater tap fees and construction fees</u> &#8211;<b><i>&#160;</i></b>Tap fees, also called system development fees, are received in advance, are non-refundable and are typically used to fund construction of certain facilities and defray the acquisition costs of obtaining water rights. Construction fees are fees used by the Company to construct assets that are typically required to be constructed by developers or home builders and are separate from tap fees.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proceeds from tap fees and construction fees
are deferred upon receipt and recognized in income either upon completion of construction of infrastructure or ratably over time,
depending on whether the Company owns the infrastructure constructed with the proceeds or a customer owns the infrastructure constructed
with the proceeds.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tap and construction fees derived from agreements
in which the Company will not own the assets constructed with the fees are recognized as revenue using the percentage-of-completion
method. Costs of construction of the assets when the Company will not own the assets are recorded as construction costs.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tap and construction fees derived from agreements
for which the Company will own the infrastructure are recognized as revenues ratably over the estimated accounting service life
of the facilities constructed, starting at completion of construction, which could be in excess of 30 years. Costs of construction
of the assets when the Company will own the assets are capitalized and depreciated over their estimated economic lives.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the Company enters into water
service agreements to provide water service to customers. The Company owns the facilities which store, treat, and deliver the water
and amortizes the cost of these facilities over their useful lives. The Company recognized $14,300 of tap fee revenue in each of
the three fiscal years ended August 31, 2016, 2015 and 2014. The Company recognized $41,500 of &#8220;Special Facilities&#8221;
funding as revenue in each of the three fiscal years ended August 31, 2016, 2015, and 2014. As of August 31, 2016, the Company
has deferred recognition of $1.1 million of tap and construction revenue from customer agreements, which will be recognized as
revenue ratably through 2036.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" style="width: 100%">
<tr>
    <td style="vertical-align: top; width: 48px; padding: 0.75pt; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">iii.</font></td>
    <td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-decoration: underline; text-align: justify"><font style="font-size: 8pt"><u>Consulting fees</u> &#8211; Consulting fees are fees the Company receives, typically on a monthly basis, from municipalities and area water providers along the I-70 corridor, for contract operations services.</font></td></tr>
</table><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_RevenueRecognitionServicesRoyaltyFees', window );">Royalty and other obligations</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from the sale of Export Water are shown
gross of royalties payable to the Land Board. Revenues from the sale of water on the Lowry Range are shown net of the royalties
to the Land Board and the amounts retained by the District.</p><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_LeasePolicyTextBlock', window );">Oil and Gas Lease Payments</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As further described in Note 4 &#150; <i>Water
and Land Assets</i> below, on March 10, 2011, the Company entered into a Paid-Up Oil and Gas Lease (the &#147;O&#38;G Lease&#148;)
and a Surface Use and Damage Agreement (the &#147;Surface Use Agreement&#148;) with Anadarko E&#38;P Company, L.P. (&#147;Anadarko&#148;),
a wholly owned subsidiary of Anadarko Petroleum Company. Pursuant to the O&#38;G Lease, on March 10, 2011, the Company received
an up-front payment 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 owned by the Company at its Sky Ranch property. In December 2012, the O&#38;G Lease
was purchased by a wholly owned subsidiary of ConocoPhillips Company. The Company received an additional payment of $1,243,400
during February 2014 to extend the O&#38;G Lease an additional two years through February 2016, which was recognized as income
on a straight-line basis over two years (the extension term of the O&#38;G Lease). In addition, during the fiscal years ended August
31, 2015 and 2014, the Company received up-front payments of $72,000 and $12,540, respectively, for the purpose of exploring for,
developing, producing, and marketing oil and gas on 40 acres of mineral estate the Company owns adjacent to the Lowry Range (the
&#147;Rangeview Lease&#148;). The Company recognizes the up-front payments on a straight-line basis over the terms of the respective
leases. During the fiscal years ended August 31, 2016, 2015 and 2014, the Company recognized $360,800, $645,700, and $525,400,
respectively, of income related to the up-front payments received pursuant to these leases.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of August 31, 2016, the Company has deferred
recognition of $19,000 of income related to the Rangeview Lease, which will be recognized as income ratably through June 2017.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended February 28, 2015,
two wells were drilled within the Company&#146;s mineral interest. Beginning in March 2015, both wells were placed into service
and began producing oil and gas and accruing royalties to the Company. In May 2015, certain gas collection infrastructure was extended
to the property to allow the collection of gas from the wells and accrual of royalties attributable to gas production. During the
fiscal years ended August 31, 2016 and 2015, the Company received $343,600 and $412,600, respectively, in royalties attributable
to these two wells.</p><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"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains a stock option plan for
the benefit of its employees and directors. The Company records share-based compensation costs which are measured at the grant
date based on the fair value of the award and are recognized as expense over the applicable vesting period of the stock award using
the straight-line method. 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 during the fiscal
years ended August 31, 2016 and 2015 had no impact on the income tax provisions.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized $219,900, $240,000, and
$251,900 of share-based compensation expenses during the fiscal<i>&#160;</i>years ended August 31, 2016, 2015 and 2014, respectively.</p><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 Taxes</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses a &#147;more-likely-than-not&#148;
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 does not have any significant unrecognized tax benefits as of August 31, 2016.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 2012 through fiscal
2015. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#146;s policy is to recognize interest
and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At August 31, 2016, the Company did
not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized
during the fiscal years ended August 31, 2016, 2015 or 2014.</p><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_DiscontinuedOperationsPolicyTextBlock', window );">Discontinued Operations</a></td>
<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2015, the Company sold approximately
14,600 acres of irrigated farm land and related Arkansas River water rights, which were substantially all of the assets comprising
the Company&#8217;s agricultural segment. Pursuant to the terms of the purchase and sale agreement, the Company continued to manage
and receive the lease income until December&#160;31, 2015. As a consequence of the sale, the operating results and the assets and
liabilities of the discontinued operations, which formerly comprised the agricultural segment, are presented separately in the
Company&#8217;s consolidated financial statements. Summarized financial information for the discontinued agricultural business
is shown below. Prior period balances have been reclassified to present the operations of the agricultural business as a discontinued
operation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; <b>Discontinued Operations Statements of Operations</b> &#160;</font></td>
    <td colspan="3">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="width: 12%; text-align: center">&#160;</td>
    <td style="width: 12%; text-align: center">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom">&#160;</td>
    <td colspan="3" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; <b>Fiscal years ended August 31,</b> &#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; <b>2016</b> &#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; <b>2015</b> &#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt">&#160; <b>2014</b> &#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Farm revenues</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$267,472&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$1,127,155&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$1,068,026&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Farm expenses</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(77,132)</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(126,279)</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(88,105)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Gross profit</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;190,340&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;1,000,876&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;979,921&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">General and administrative expenses</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(313,389)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(760,192)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(911,230)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Impairment of land and water rights held for sale</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;-&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;-&#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(402,657)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Operating (loss) profit</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(123,049)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;240,684&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(333,966)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Finance charges</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;38,428&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;21,710&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;14,392&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">(Loss) gain on sale of farm assets</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;4,273&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(22,108,145)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;1,407,326&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Interest expense (1)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;-&#160;</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(390,505)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(239,200)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Interest imputed on the Tap Participation</font></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Fee payable to HP A&#38;M (2)</font></td>
    <td style="border-bottom: white 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;-&#160;</font></td>
    <td style="border-bottom: white 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(23,816)</font></td>
    <td style="border-bottom: white 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(1,445,509)</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">Taxes</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160; - &#160;</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160; (292,729 )</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160; -&#160; &#160; </font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160; Loss from discontinued operations, net of taxes</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$(80,348)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$(22,552,801)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;$(596,957)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>

<table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: top; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif">(1)</td>
    <td style="padding: 0.75pt; text-align: justify; font: 8pt Times New Roman, Times, Serif">Interest expense
represents interest accrued related to notes the Company had on its farm assets prior to the sale. All notes associated with the
farms have been paid off, and as a result the Company no longer incurs interest on such notes.</td></tr>
<tr>
    <td style="vertical-align: top; width: 60px; padding: 0.75pt"><font style="font-size: 8pt">(2)&#160;</font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company anticipates continued expenses through
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agricultural land the Company continues to own and for the purpose of collecting outstanding receivables.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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of discontinued operations&#8221; in the consolidated balance sheets. The carrying amounts of the major classes of assets and liabilities
included part of the discontinued business are presented in the following table:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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net loss by the weighted average number of shares outstanding during each period. Common stock options and warrants aggregating
338,100, 312,100, and 315,100 common share equivalents as of August 31, 2016, 2015 and 2014, respectively, have been excluded from
the calculation of loss per common share as their effect is anti-dilutive.</p><span></span>
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<td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company continually assesses any new accounting
pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&#146;s
financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements
and ensure that there are proper controls in place to ascertain that the Company&#146;s consolidated financial statements properly
reflect the change. New pronouncements assessed by the Company recently are discussed below:</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2016, the Financial Accounting Standards
Board (&#147;FASB&#148;) issued Accounting Standards Update (&#147;ASU&#148;) No. 2016-12, <i>Revenue from Contracts with Customers
(Topic 606): Narrow-Scope Improvements and Practical</i> <i>Expedients.</i> ASU 2016-12 provides for amendments to ASU No. 2014-09,
<i>Revenue from Contracts with Customers</i>, amending the guidance on transition, collectability, noncash consideration and the
presentation of sales and other similar taxes. Specifically, ASU 2016-12 clarifies that, for a contract to be considered completed
at transition, all (or substantially all) of the revenue must have been recognized under legacy GAAP. In addition, ASU 2016-12
clarifies how an entity should evaluate the collectability threshold and when an entity can recognize nonrefundable consideration
received as revenue if an arrangement does not meet the standard&#146;s contract criteria. ASU 2016-12 is effective for annual
reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption
is&#160;permitted only for annual reporting periods beginning after December 15, 2016, including interim periods within that period.&#160;The
Company is assessing the impact of ASU 2016-12, but it does not expect the adoption of ASU 2016-12 to have a material impact on
its financial statements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2016, the FASB issued ASU No. 2016-10,
<i>Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing</i>. ASU 2016-10 provides
for amendments to ASU No. 2014-09, <i>Revenue from Contracts with Customers,</i> reducing the complexity when applying the guidance
for identifying performance obligations and improving the operability and understandability of the license implementation guidance.
ASU 2016-10 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within
that reporting period. Early adoption is&#160;permitted only for annual reporting periods beginning after December 15, 2016, including
interim periods within that period. The Company is assessing the impact of ASU 2016-10, but it does not expect the adoption of
ASU 2016-10 to have a material impact on its financial statements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2016, the FASB issued ASU No. 2016-08,
<i>Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</i>.
ASU 2016-08 provides for amendments to ASU No. 2014-09, <i>Revenue from Contracts with Customers</i>, clarifying the implementation
guidance on principal versus agent considerations in the new revenue recognition standard. Specifically, ASU 2016-08 clarifies
how an entity should identify the unit of accounting (i.e., the specified good or service) for the principal versus agent evaluation
and how it should apply the control principle to certain types of arrangements. ASU 2016- is effective for annual reporting periods
beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is&#160;permitted
only for annual reporting periods beginning after December 15, 2016, including interim periods within that period. The Company
is assessing the impact of ASU 2016-08, but it does not expect the adoption of ASU 2016-08 to have a material impact on its financial
statements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April 2014, the FASB issued ASU No. 2014-08,
<i>Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):</i>&#160;<i>Reporting Discontinued
Operations and Disclosures of Disposals of Components of an Entity</i>. ASU 2014-08 changes the presentation and disclosure requirements
for discontinued operations. The update was adopted by the Company in fiscal year 2016.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p><span></span>
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<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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for discontinued operations. Includes, but is not limited to, method of interest allocation to a 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section S99<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=26872618&amp;loc=d3e7436-122677<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<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">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13279-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 60<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=7493716&amp;loc=d3e21868-110260<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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 5.CC)<br> -URI http://asc.fasb.org/extlink&amp;oid=27011434&amp;loc=d3e125687-122742<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=64802544&amp;loc=d3e202-110218<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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<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;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65884525&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e32280-109318<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">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27290-111563<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2,12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 5.M)<br> -URI http://asc.fasb.org/extlink&amp;oid=65877573&amp;loc=d3e87990-122713<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13433-108611<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">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for leasing arrangements (both lessor and lessee). This disclosure may address (1) lease classification (that is, operating versus capital), (2) how the term of a lease is determined (for example, the circumstances in which a renewal option is considered part of the lease term), (3) how rental revenue or expense is recognized for a lease that contains rent escalations, (4) an entity's accounting treatment for deferred rent, including that which arises from lease incentives, rent abatements, rent holidays, or tenant allowances (5) an entity's accounting treatment for contingent rental payments and (6) an entity's policy for reviewing, at least annually, the residual values of sales-type and direct-finance leases. The disclosure also may indicate how the entity accounts for its capital leases, leveraged leases or sale-leaseback transactions.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6453394&amp;loc=d3e39740-112701<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 40<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65670824&amp;loc=d3e14754-158437<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 40<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6456037&amp;loc=d3e48589-112741<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6455398&amp;loc=d3e45280-112737<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">
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<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">
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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 trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65890831&amp;loc=d3e10133-111534<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e4975-111524<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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18823-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.B.Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18726-107790<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue recognition for royalty fees, which is consideration or a share of the proceeds paid by another party to the owner of a right (that is, the entity) for its use.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.B.Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 20<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68055036&amp;loc=d3e47769-111627<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br></p></div>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6132-108592<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(760,192)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(911,230)</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;21,710&#160;</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(22,108,145)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;1,407,326&#160;</font></td></tr>
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    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(390,505)</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#160;&#160;(239,200)</font></td></tr>
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    <td><font style="font-size: 8pt">Interest imputed on the Tap Participation</font></td>
    <td style="text-align: right">&#160;</td>
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    <td><font style="font-size: 8pt">&#160; Fee payable to HP A&#38;M (2)</font></td>
    <td style="border-bottom: white 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;-&#160;</font></td>
    <td style="border-bottom: white 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(23,816)</font></td>
    <td style="border-bottom: white 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160;&#160;(1,445,509)</font></td></tr>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">&#160; (292,729 )</font></td>
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    <td><font style="font-size: 8pt">&#160; Loss from discontinued operations, net of taxes</font></td>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6747093184">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FAIR VALUE MEASUREMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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).</p></div>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6745357424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>WATER AND LAND ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Aug. 31, 2016</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_DisclosureInvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract', window );"><strong>Investments In Water Water Systems Land And Improvements Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ScheduleOfWaterAndWaterSystems', window );">Schedule of water and water systems</a></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6733418544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PARTICIPATING INTERESTS IN EXPORT WATER (Tables)<br></strong></div></th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ScheduleOfRemainingThirdPartyObligationTableTextBlock', window );">Schedule of remaining third party obligation</a></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the changes in outstanding nonvested shares.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><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></div>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.</p></div>
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Tables)<br></strong></div></th>
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<tr class="ro">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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;"><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>UNAUDITED QUARTERLY FINANCIAL DATA (Tables)<br></strong></div></th>
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<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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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)-(j)<br> -URI http://asc.fasb.org/extlink&amp;oid=68076893&amp;loc=d3e1280-108306<br></p></div>
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<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
<th class="th"><div>Aug. 31, 2013</div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Custom Element.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6811784928">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstract', window );"><strong>Summary Of Significant Accounting Policies Details</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue', window );">Farm revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 267,472<span></span>
</td>
<td class="nump">$ 1,127,155<span></span>
</td>
<td class="nump">$ 1,068,026<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_DisposalGroupIncludingDiscontinuedOperationOperatingExpense', window );">Farm expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(77,132)<span></span>
</td>
<td class="num">(126,279)<span></span>
</td>
<td class="num">(88,105)<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_DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">190,340<span></span>
</td>
<td class="nump">1,000,876<span></span>
</td>
<td class="nump">979,921<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_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(313,389)<span></span>
</td>
<td class="num">(760,192)<span></span>
</td>
<td class="num">(911,230)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DisposalGroupIncludingDiscontinuedOperationAssetImpairment', window );">Impairment of land and water rights held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(402,657)<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_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss', window );">Operating (loss) profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(123,049)<span></span>
</td>
<td class="nump">240,684<span></span>
</td>
<td class="num">(333,966)<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_DisposalGroupIncludingDiscontinuedOperationOtherExpense', window );">Finance charges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">38,428<span></span>
</td>
<td class="nump">21,710<span></span>
</td>
<td class="nump">14,392<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_GainLossOnDispositionOfAssets', window );">(Loss) gain on sale of farm assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,273<span></span>
</td>
<td class="num">(22,108,145)<span></span>
</td>
<td class="nump">1,407,326<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_DisposalGroupIncludingDiscontinuedOperationInterestExpense', window );">Interest expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="num">(390,505)<span></span>
</td>
<td class="num">(239,200)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DisposalGroupIncludingDiscontinuedOperationImputedInterest', window );">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="num">(23,816)<span></span>
</td>
<td class="num">(1,445,509)<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_TaxesOther', window );">Taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="num">(292,729)<span></span>
</td>
<td class="nump">0<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_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Loss from discontinued operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(80,348)<span></span>
</td>
<td class="num">(22,552,801)<span></span>
</td>
<td class="num">$ (596,957)<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_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract', window );"><strong>Assets:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet', window );">Trade accounts receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">227,060<span></span>
</td>
<td class="nump">549,993<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DisposalGroupIncludingDiscontinuedOperationEscrowReceivableNet', window );">Escrow receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,342,250<span></span>
</td>
<td class="text">&#160;<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_DisposalGroupIncludingDiscontinuedOperationOtherAssets', window );">Land held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">450,347<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<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_DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets', window );">Prepaid expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,880<span></span>
</td>
<td class="nump">65,309<span></span>
</td>
<td class="text">&#160;<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_AssetsOfDisposalGroupIncludingDiscontinuedOperation', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">680,287<span></span>
</td>
<td class="nump">1,957,552<span></span>
</td>
<td class="text">&#160;<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_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_DisposalGroupIncludingDiscontinuedOperationAccountsPayable', window );">Accounts payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">25,704<span></span>
</td>
<td class="text">&#160;<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_DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities', window );">Accrued liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,394<span></span>
</td>
<td class="nump">90,725<span></span>
</td>
<td class="text">&#160;<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_DisposalGroupIncludingDiscontinuedOperationDeferredRevenue', window );">Deferred revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">900<span></span>
</td>
<td class="text">&#160;<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_DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 4,394<span></span>
</td>
<td class="nump">$ 117,329<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Interest expense represents interest accrued related to notes the Company had on its farm assets prior to the sale. All notes associated with the farms have been paid off, and as a result the Company no longer incurs interest on such notes.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Imputed interest represents an estimate of the interest accrued on the Tap Participation Fee payable to High Plains A&M, LLC ("HP A&M"), which was eliminated as a result of the settlement with HP A&M during the three months ended February 28, 2015. As a result, the Company no longer accrues interest related to the Tap Participation Fee.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $450,300. The farms were acquired to correct dry-up covenant issues related to water only farms to obtain the release of the escrow funds related to the Company's farm sale to Arkansas River Farms, LLC. The Company intends to sell the farms within the next fiscal year.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_DisclosureSummaryOfSignificantAccountingPoliciesDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationAssetImpairment">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_DisposalGroupIncludingDiscontinuedOperationAssetImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<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>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_DisposalGroupIncludingDiscontinuedOperationEscrowReceivableNet">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_DisposalGroupIncludingDiscontinuedOperationEscrowReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_DisposalGroupIncludingDiscontinuedOperationImputedInterest">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_DisposalGroupIncludingDiscontinuedOperationImputedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AssetsOfDisposalGroupIncludingDiscontinuedOperation">
<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 classified as assets attributable to disposal group held for sale or disposed of.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<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 style="white-space:nowrap;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet">
<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 classified as accounts, notes and loans receivable attributable to disposal group held for sale or disposed of.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationAccountsPayable">
<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 classified as accounts payable attributable to disposal group held for sale or disposed of.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities">
<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 classified as accounts payable and accrued liabilities attributable to disposal group held for sale or disposed of.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities">
<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 classified as accrued liabilities attributable to disposal group held for sale or disposed of.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationDeferredRevenue">
<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 classified as deferred revenue attributable to disposal group held for sale or disposed of.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense">
<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 general and administrative expense attributable to disposal group, including, but not limited to, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss">
<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 gross profit attributable to disposal group, including, but not limited to, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationInterestExpense">
<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 interest expense attributable to disposal group, including, but not limited to, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section S99<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=26872618&amp;loc=d3e7436-122677<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1063-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1060-107759<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense">
<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 operating expense attributable to disposal group, including, but not limited to, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss">
<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 operating income (loss) attributable to disposal group, including, but not limited to, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss</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>Amount classified as other assets attributable to disposal group held for sale or disposed of.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense">
<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 other expense attributable to disposal group, including, but not limited to, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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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<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_DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets">
<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 classified as prepaid and other assets attributable to disposal group held for sale or disposed of.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721533-107759<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1107-107759<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DisposalGroupIncludingDiscontinuedOperationRevenue">
<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 attributable to disposal group, including, but not limited to, 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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 style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDispositionOfAssets">
<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) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64862545&amp;loc=d3e2941-110230<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 style="white-space:nowrap;">us-gaap_GainLossOnDispositionOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IncomeLossFromDiscontinuedOperationsNetOfTax">
<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 income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721675-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1012-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721525-107759<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e957-107759<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<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 style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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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</table></div>
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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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxesOther">
<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 tax expense classified as other.</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 style="white-space:nowrap;">us-gaap_TaxesOther</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6747115168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Aug. 31, 2016 </div>
<div>USD ($) </div>
<div>shares </div>
<div>gal</div>
</th>
<th class="th">
<div>Aug. 31, 2015 </div>
<div>USD ($) </div>
<div>shares </div>
<div>gal</div>
</th>
<th class="th">
<div>Aug. 31, 2014 </div>
<div>USD ($) </div>
<div>shares </div>
<div>gal</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_WaterDeliveredToCustomers', window );">Water delivered to customers | gal</a></td>
<td class="nump">33,900,000<span></span>
</td>
<td class="nump">97,500,000<span></span>
</td>
<td class="nump">190,100,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" 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">$ 14,294<span></span>
</td>
<td class="nump">$ 14,294<span></span>
</td>
<td class="nump">$ 14,294<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecognitionOfDeferredConstructionFunding', window );">Special facility (deferred construction) funding recognized</a></td>
<td class="nump">$ 41,508<span></span>
</td>
<td class="nump">$ 41,508<span></span>
</td>
<td class="nump">$ 41,508<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 earnings per share calculation | shares</a></td>
<td class="nump">338,100<span></span>
</td>
<td class="nump">312,100<span></span>
</td>
<td class="nump">315,100<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_InterestPaid', window );">Interest</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 441,400<span></span>
</td>
<td class="nump">$ 310,400<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_TimeSharingTransactionsAllowanceForUncollectibleAccounts', window );">Allowance for uncollectible accounts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<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">219,886<span></span>
</td>
<td class="nump">239,986<span></span>
</td>
<td class="nump">251,915<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementTypeAxis=pcyo_OilAndGasLeaseMember', window );">Oil And Gas Lease</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_RoyaltyRevenue', window );">Royalty revenue</a></td>
<td class="nump">343,600<span></span>
</td>
<td class="nump">412,600<span></span>
</td>
<td class="text">&#160;<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_OperatingLeasesIncomeStatementLeaseRevenue', window );">Lease revenue from up-front payments</a></td>
<td class="nump">360,800<span></span>
</td>
<td class="nump">$ 645,700<span></span>
</td>
<td class="nump">$ 525,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_OperatingLeasesIncomeStatementLeaseRevenueCurrent', window );">Deferred revenue recognizable</a></td>
<td class="nump">$ 19,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_OperatingLeasesIncomeStatementLeaseRevenueCurrent">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_OperatingLeasesIncomeStatementLeaseRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Period recognition of construction funding for special facilities.</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 style="white-space:nowrap;">pcyo_RecognitionOfDeferredConstructionFunding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>Period recognition of water tap 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 style="white-space:nowrap;">pcyo_RecognitionOfDeferredWaterTapFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_WaterDeliveredToCustomers">
<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>Custom Element.</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 style="white-space:nowrap;">pcyo_WaterDeliveredToCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pcyo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:volumeItemType</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Antidilution<br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Diluted Earnings Per Share<br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Contingent Stock Agreement<br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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 style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_InterestPaid">
<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 cash paid for interest 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<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 style="white-space:nowrap;">us-gaap_InterestPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_OperatingLeasesIncomeStatementLeaseRevenue">
<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 revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<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 style="white-space:nowrap;">us-gaap_OperatingLeasesIncomeStatementLeaseRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_RoyaltyRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_TimeSharingTransactionsAllowanceForUncollectibleAccounts">
<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>Allowance for uncollectible accounts.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 978<br> -SubTopic 310<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68070105&amp;loc=d3e27305-108690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 978<br> -SubTopic 310<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=68077313&amp;loc=d3e27327-108691<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 style="white-space:nowrap;">us-gaap_TimeSharingTransactionsAllowanceForUncollectibleAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DeferredRevenueArrangementTypeAxis=pcyo_OilAndGasLeaseMember">
<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 style="white-space:nowrap;">us-gaap_DeferredRevenueArrangementTypeAxis=pcyo_OilAndGasLeaseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6821178144">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FAIR VALUE MEASUREMENTS (Details)<br></strong></div></th>
<th class="th">
<div>Aug. 31, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_PortionAtFairValueFairValueDisclosureMember', window );">Fair Value</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MoneyMarketFundsAtCarryingValue', window );">Money market</a></td>
<td class="nump">$ 4,184,900<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_AvailableForSaleSecurities', window );">Available for sale</a></td>
<td class="nump">23,176,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember', window );">Cost/Other Value</a></td>
<td class="text">&#160;<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_MoneyMarketFundsAtCarryingValue', window );">Money market</a></td>
<td class="nump">4,814,900<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_AvailableForSaleSecurities', window );">Available for sale</a></td>
<td class="nump">23,173,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_ChangeDuringPeriodFairValueDisclosureMember', window );">Accumulated Unrealized Gains and (Losses)</a></td>
<td class="text">&#160;<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_MoneyMarketFundsAtCarryingValue', window );">Money market</a></td>
<td class="nump">0<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_AvailableForSaleSecurities', window );">Available for sale</a></td>
<td class="nump">3,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Quoted Prices in Active Markets for Identical Assets (Level 1)</a></td>
<td class="text">&#160;<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_MoneyMarketFundsAtCarryingValue', window );">Money market</a></td>
<td class="nump">4,184,900<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_AvailableForSaleSecurities', window );">Available for sale</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Significant Other Observable Inputs (Level 2)</a></td>
<td class="text">&#160;<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_MoneyMarketFundsAtCarryingValue', window );">Money market</a></td>
<td class="nump">0<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_AvailableForSaleSecurities', window );">Available for sale</a></td>
<td class="nump">23,176,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Significant Unobservable Inputs (Level 3)</a></td>
<td class="text">&#160;<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_MoneyMarketFundsAtCarryingValue', window );">Money market</a></td>
<td class="nump">0<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_AvailableForSaleSecurities', window );">Available for sale</a></td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecurities">
<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 investment in debt and equity securities categorized neither as held-to-maturity nor trading.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 25<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65884222&amp;loc=d3e22054-111558<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (aa)<br> -URI http://asc.fasb.org/extlink&amp;oid=73527792&amp;loc=d3e27232-111563<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66010992&amp;loc=d3e26610-111562<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 style="white-space:nowrap;">us-gaap_AvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_MoneyMarketFundsAtCarryingValue">
<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>Investment in short-term money-market instruments (such as commercial paper, banker's acceptances, repurchase agreements, government securities, certificates of deposit, and so forth) which are highly liquid (that is, readily convertible to known amounts of cash) and so near their maturity that they present an insignificant risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify as cash equivalents by definition. Original maturity means an original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three-years ago does not become a cash equivalent when its remaining maturity is three months.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<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 style="white-space:nowrap;">us-gaap_MoneyMarketFundsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_FairValueByMeasurementBasisAxis=us-gaap_PortionAtFairValueFairValueDisclosureMember">
<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 style="white-space:nowrap;">us-gaap_FairValueByMeasurementBasisAxis=us-gaap_PortionAtFairValueFairValueDisclosureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember">
<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 style="white-space:nowrap;">us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_ChangeDuringPeriodFairValueDisclosureMember">
<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 style="white-space:nowrap;">us-gaap_FairValueByMeasurementBasisAxis=us-gaap_ChangeDuringPeriodFairValueDisclosureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
<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 style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member">
<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 style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member">
<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 style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6749506656">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>WATER AND LAND ASSETS (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">$ 30,003,200<span></span>
</td>
<td class="nump">$ 29,014,900<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">(1,681,300)<span></span>
</td>
<td class="num">(1,306,300)<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">28,321,926<span></span>
</td>
<td class="nump">27,708,595<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_RangeviewWaterSupplyMember', window );">Rangeview Water Supply</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">14,444,600<span></span>
</td>
<td class="nump">14,444,600<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">(9,400)<span></span>
</td>
<td class="num">(8,800)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_SkyRanchWaterRightsAndOtherCostsMember', window );">Sky Ranch Water Rights And Other Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">6,607,400<span></span>
</td>
<td class="nump">6,440,800<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_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
<td class="num">(334,500)<span></span>
</td>
<td class="num">(194,600)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_FairgroundsWaterAndWaterSystemMember', window );">Fairgrounds Water And Water System</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">2,899,900<span></span>
</td>
<td class="nump">2,899,900<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">(886,800)<span></span>
</td>
<td class="num">(798,700)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_RangeviewWaterSystemMember', window );">Rangeview Water System</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">1,624,800<span></span>
</td>
<td class="nump">1,256,300<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_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
<td class="num">(152,800)<span></span>
</td>
<td class="num">(110,300)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_WaterSupplyOtherMember', window );">Water Supply Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">3,703,000<span></span>
</td>
<td class="nump">3,649,800<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_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
<td class="num">(297,800)<span></span>
</td>
<td class="num">(193,900)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember', window );">Construction in Progress</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">723,500<span></span>
</td>
<td class="nump">323,500<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_PropertyPlantAndEquipmentOtherAccumulatedDepreciation', window );">Accumulated Depreciation and Depletion</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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>Amount of accumulated depreciation of long-lived, physical assets used to produce goods and services and not intended for resale, classified as other.</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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<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></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_RangeviewWaterSupplyMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_RangeviewWaterSupplyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<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_PropertyPlantAndEquipmentByTypeAxis=pcyo_SkyRanchWaterRightsAndOtherCostsMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_SkyRanchWaterRightsAndOtherCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_FairgroundsWaterAndWaterSystemMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_FairgroundsWaterAndWaterSystemMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></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_PropertyPlantAndEquipmentByTypeAxis=pcyo_RangeviewWaterSystemMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_RangeviewWaterSystemMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></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_PropertyPlantAndEquipmentByTypeAxis=pcyo_WaterSupplyOtherMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_WaterSupplyOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></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_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<TYPE>XML
<SEQUENCE>56
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6746331952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>WATER AND LAND ASSETS (Detail Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depletion', window );">Depletion</a></td>
<td class="nump">$ 500<span></span>
</td>
<td class="nump">$ 7,000<span></span>
</td>
<td class="nump">$ 4,400<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_Depreciation', window );">Depreciation</a></td>
<td class="nump">$ 419,600<span></span>
</td>
<td class="nump">$ 340,300<span></span>
</td>
<td class="nump">$ 192,200<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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 style="white-space:nowrap;">us-gaap_Depletion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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 style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>57
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6824624160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PARTICIPATING INTERESTS IN EXPORT WATER (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1">48 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ExportWaterProceedsReceivedMember', window );">Export Water Proceeds Received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RemainingThirdPartyObligationAbstract', window );"><strong>Remaining Third Party Obligation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalanceOriginal', window );">Balance, original</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, beginning</a></td>
<td class="nump">$ 1,212,800<span></span>
</td>
<td class="nump">$ 1,004,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterAcquisitions', window );">Acquisitions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterOptionPayments', window );">Option payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">110,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterTapFees', window );">Arapahoe Tap fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">533,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterSalePayments', window );">Export Water Sale Payments</a></td>
<td class="nump">49,200<span></span>
</td>
<td class="nump">207,900<span></span>
</td>
<td class="nump">361,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, ending</a></td>
<td class="nump">1,262,000<span></span>
</td>
<td class="nump">1,212,800<span></span>
</td>
<td class="nump">1,004,300<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_InitialExportWaterProceedsToPureCycleMember', window );">Initial Export Water Proceeds To Pure Cycle</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_RemainingThirdPartyObligationAbstract', window );"><strong>Remaining Third Party Obligation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalanceOriginal', window );">Balance, original</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">218,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, beginning</a></td>
<td class="nump">29,786,000<span></span>
</td>
<td class="nump">29,969,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterAcquisitions', window );">Acquisitions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,428,900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterOptionPayments', window );">Option payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(42,300)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterTapFees', window );">Arapahoe Tap fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(373,100)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterSalePayments', window );">Export Water Sale Payments</a></td>
<td class="num">(43,300)<span></span>
</td>
<td class="num">(183,200)<span></span>
</td>
<td class="num">(262,800)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, ending</a></td>
<td class="nump">29,742,700<span></span>
</td>
<td class="nump">29,786,000<span></span>
</td>
<td class="nump">29,969,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_TotalPotentialThirdPartyObligationMember', window );">Total Potential Third Party Obligation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_RemainingThirdPartyObligationAbstract', window );"><strong>Remaining Third Party Obligation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalanceOriginal', window );">Balance, original</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,807,700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, beginning</a></td>
<td class="nump">1,027,400<span></span>
</td>
<td class="nump">1,052,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterAcquisitions', window );">Acquisitions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(30,428,900)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterOptionPayments', window );">Option payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(68,100)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterTapFees', window );">Arapahoe Tap fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(159,900)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterSalePayments', window );">Export Water Sale Payments</a></td>
<td class="num">(5,900)<span></span>
</td>
<td class="num">(24,700)<span></span>
</td>
<td class="num">(98,700)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, ending</a></td>
<td class="nump">1,021,500<span></span>
</td>
<td class="nump">1,027,400<span></span>
</td>
<td class="nump">1,052,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ParticipatingInterestsLiabilityMember', window );">Participating Interests Liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_RemainingThirdPartyObligationAbstract', window );"><strong>Remaining Third Party Obligation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalanceOriginal', window );">Balance, original</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,090,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, beginning</a></td>
<td class="nump">346,000<span></span>
</td>
<td class="nump">354,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterAcquisitions', window );">Acquisitions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10,622,100)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterOptionPayments', window );">Option payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(23,800)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterTapFees', window );">Arapahoe Tap fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(55,800)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterSalePayments', window );">Export Water Sale Payments</a></td>
<td class="num">(2,000)<span></span>
</td>
<td class="num">(8,600)<span></span>
</td>
<td class="num">(34,300)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, ending</a></td>
<td class="nump">344,000<span></span>
</td>
<td class="nump">346,000<span></span>
</td>
<td class="nump">354,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ContingencyMember', window );">Contingency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_RemainingThirdPartyObligationAbstract', window );"><strong>Remaining Third Party Obligation:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalanceOriginal', window );">Balance, original</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,717,100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, beginning</a></td>
<td class="nump">681,400<span></span>
</td>
<td class="nump">697,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterAcquisitions', window );">Acquisitions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19,806,800)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterOptionPayments', window );">Option payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(44,300)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterTapFees', window );">Arapahoe Tap fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(104,100)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExportWaterSalePayments', window );">Export Water Sale Payments</a></td>
<td class="num">(3,900)<span></span>
</td>
<td class="num">(16,100)<span></span>
</td>
<td class="num">(64,400)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RangeviewCAAAgreementBalance', window );">Balance, ending</a></td>
<td class="nump">$ 677,500<span></span>
</td>
<td class="nump">$ 681,400<span></span>
</td>
<td class="nump">$ 697,500<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ExportWaterAcquisitions">
<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>Acquisitions</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 style="white-space:nowrap;">pcyo_ExportWaterAcquisitions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ExportWaterOptionPayments">
<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>Option payments</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 style="white-space:nowrap;">pcyo_ExportWaterOptionPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ExportWaterSalePayments">
<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>Export Water Sale Payments</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 style="white-space:nowrap;">pcyo_ExportWaterSalePayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ExportWaterTapFees">
<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>Arapahoe Tap 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 style="white-space:nowrap;">pcyo_ExportWaterTapFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RangeviewCAAAgreementBalance">
<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>RangeviewCAAAgreementBalance</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 style="white-space:nowrap;">pcyo_RangeviewCAAAgreementBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RangeviewCAAAgreementBalanceOriginal">
<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>RangeviewCAAAgreementBalanceOriginal</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 style="white-space:nowrap;">pcyo_RangeviewCAAAgreementBalanceOriginal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RemainingThirdPartyObligationAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_RemainingThirdPartyObligationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PropertyPlantAndEquipmentByTypeAxis=pcyo_ExportWaterProceedsReceivedMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ExportWaterProceedsReceivedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_InitialExportWaterProceedsToPureCycleMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_InitialExportWaterProceedsToPureCycleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_TotalPotentialThirdPartyObligationMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_TotalPotentialThirdPartyObligationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ParticipatingInterestsLiabilityMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ParticipatingInterestsLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ContingencyMember">
<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 style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ContingencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6824171616">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACCRUED LIABILITIES (Detail Narrative) - USD ($)<br></strong></div></th>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_AccruedLiabilitiesDetailNarrativeAbstract', window );"><strong>Accrued Liabilities Detail Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
<td class="nump">$ 242,624<span></span>
</td>
<td class="nump">$ 499,808<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_AccruedBonusesCurrentAndNoncurrent', window );">Accrued compensation</a></td>
<td class="nump">160,000<span></span>
</td>
<td class="nump">400,000<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_AccrualForTaxesOtherThanIncomeTaxesCurrent', window );">Estimated property taxes</a></td>
<td class="nump">5,700<span></span>
</td>
<td class="nump">4,800<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_AccruedProfessionalFeesCurrent', window );">Professional Fees</a></td>
<td class="nump">18,000<span></span>
</td>
<td class="nump">52,500<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_OtherAccruedLiabilitiesCurrent', window );">Operating payables</a></td>
<td class="nump">$ 28,900<span></span>
</td>
<td class="nump">$ 42,500<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_AccruedLiabilitiesDetailNarrativeAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_AccruedLiabilitiesDetailNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 720<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35281-107843<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<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 style="white-space:nowrap;">us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AccruedBonusesCurrentAndNoncurrent">
<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 incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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 style="white-space:nowrap;">us-gaap_AccruedBonusesCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_AccruedProfessionalFeesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_OtherAccruedLiabilitiesCurrent">
<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 expenses incurred but not yet paid classified as other, due 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7018-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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 style="white-space:nowrap;">us-gaap_OtherAccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<head>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6821216864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Aug. 31, 2016 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</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">&#160;<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 | shares</a></td>
<td class="nump">312,000<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 | shares</a></td>
<td class="nump">36,000<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_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercised | shares</a></td>
<td class="nump">0<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 | shares</a></td>
<td class="num">(10,000)<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding, ending | shares</a></td>
<td class="nump">338,000<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Exercisable | shares</a></td>
<td class="nump">302,000<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">&#160;<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 | $ / shares</a></td>
<td class="nump">$ 5.10<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 | $ / shares</a></td>
<td class="nump">4.26<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 | $ / shares</a></td>
<td class="nump">0.00<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 | $ / shares</a></td>
<td class="nump">13.25<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 | $ / shares</a></td>
<td class="nump">4.77<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 | $ / shares</a></td>
<td class="nump">$ 4.83<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">&#160;<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</a></td>
<td class="text">5 years 8 months 5 days<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</a></td>
<td class="text">5 years 4 months 10 days<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">&#160;<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 | $</a></td>
<td class="nump">$ 248,000<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1', window );">Exercisable | $</a></td>
<td class="nump">$ 227,100<span></span>
</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ApproximateAggregateIntrinsicValueAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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 style="white-space:nowrap;">pcyo_ApproximateAggregateIntrinsicValueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_NumberOfOptionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 );">- Definition</a><div><p>Custom Element.</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 style="white-space:nowrap;">pcyo_WeightedAverageExercisePriceAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 );">- Definition</a><div><p>Custom Element.</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 style="white-space:nowrap;">pcyo_WeightedAverageRemainingContractualTermAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)-(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)-(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
<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 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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
<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 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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockIssuedDuringPeriodSharesStockOptionsExercised">
<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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6812187968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY (Details 1) - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">59,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">36,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares', window );">Vested</a></td>
<td class="num">(59,333)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares', window );">Forfeited</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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, ending</a></td>
<td class="nump">36,000<span></span>
</td>
<td class="nump">59,333<span></span>
</td>
<td class="text">&#160;<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_WeightedAverageGrantDateFairValueAbstract', window );"><strong>Weighted average grant date fair value</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">$ 3.66<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted</a></td>
<td class="nump">2.89<span></span>
</td>
<td class="nump">$ 2.78<span></span>
</td>
<td class="nump">$ 4.09<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue', window );">Vested</a></td>
<td class="nump">3.66<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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</a></td>
<td class="nump">0.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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, ending</a></td>
<td class="nump">$ 2.89<span></span>
</td>
<td class="nump">$ 3.66<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfOptions1Abstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_NumberOfOptions1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_WeightedAverageGrantDateFairValueAbstract">
<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>Custom Element.</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 style="white-space:nowrap;">pcyo_WeightedAverageGrantDateFairValueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares">
<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>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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares">
<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>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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue">
<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 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></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 style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue">
<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 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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares">
<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>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;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue">
<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 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></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 style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>61
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6723902960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1', window );">Fair value of options vested</a></td>
<td class="nump">$ 216,900<span></span>
</td>
<td class="nump">$ 280,700<span></span>
</td>
<td class="nump">$ 219,200<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Weighted average grant date fair value of options granted</a></td>
<td class="nump">$ 2.89<span></span>
</td>
<td class="nump">$ 2.78<span></span>
</td>
<td class="nump">$ 4.09<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">$ 219,900<span></span>
</td>
<td class="nump">$ 240,000<span></span>
</td>
<td class="nump">$ 251,900<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_PreferredStockLiquidationPreferenceValue', window );">Series B Preferred stock, liquidation preference value</a></td>
<td class="nump">$ 432,513<span></span>
</td>
<td class="nump">$ 432,513<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_PreferredStockLiquidationPreferenceValue">
<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>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 style="white-space:nowrap;">us-gaap_PreferredStockLiquidationPreferenceValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1">
<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 options vested. Excludes equity instruments other than options, for example, but not limited to, share units, stock appreciation rights, restricted 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<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 style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>62
<FILENAME>R42.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6811710672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT CUSTOMERS (Details Narrative)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember', window );">Sales | The District</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration Risk Percentage</a></td>
<td class="nump">69.00%<span></span>
</td>
<td class="nump">19.00%<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember', window );">Sales | The District's Significant Customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration Risk Percentage</a></td>
<td class="nump">55.00%<span></span>
</td>
<td class="nump">16.00%<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember', window );">Sales | Oil and Gas Industry Customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration Risk Percentage</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="nump">88.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable | The District</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration Risk Percentage</a></td>
<td class="nump">74.00%<span></span>
</td>
<td class="nump">87.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts Receivable | The District's Significant Customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ConcentrationRiskPercentage1', window );">Concentration Risk Percentage</a></td>
<td class="nump">63.00%<span></span>
</td>
<td class="nump">77.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
<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 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></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=64851502&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=73719730&amp;loc=d3e13537-108611<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 style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>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_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember">
<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 style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MajorCustomersAxis=pcyo_TheDistrictMember">
<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 style="white-space:nowrap;">us-gaap_MajorCustomersAxis=pcyo_TheDistrictMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></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_MajorCustomersAxis=pcyo_TheDistrictsSignificantCustomerMember">
<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 style="white-space:nowrap;">us-gaap_MajorCustomersAxis=pcyo_TheDistrictsSignificantCustomerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></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_MajorCustomersAxis=pcyo_AnotherCustomerMember">
<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 style="white-space:nowrap;">us-gaap_MajorCustomersAxis=pcyo_AnotherCustomerMember</td>
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<tr>
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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 style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6812347552">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INCOME TAXES (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComponentsOfDeferredTaxAssetsAbstract', window );"><strong>Deferred tax assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards', window );">Net operating loss carryforwards</a></td>
<td class="nump">$ 2,393,200<span></span>
</td>
<td class="nump">$ 1,816,200<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_DeferredTaxAssetsDeferredIncome', window );">Deferred revenue</a></td>
<td class="nump">344,300<span></span>
</td>
<td class="nump">503,300<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_DeferredTaxAssetsPropertyPlantAndEquipment', window );">Depreciation and depletion</a></td>
<td class="nump">247,400<span></span>
</td>
<td class="nump">320,300<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_DeferredTaxAssetsOther', window );">Other</a></td>
<td class="nump">65,600<span></span>
</td>
<td class="nump">34,200<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_DeferredTaxAssetsValuationAllowance', window );">Valuation allowance</a></td>
<td class="num">(3,050,500)<span></span>
</td>
<td class="num">(2,674,000)<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_DeferredTaxAssetsNet', window );">Net deferred tax asset</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComponentsOfDeferredTaxAssetsAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">us-gaap_ComponentsOfDeferredTaxAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</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_DeferredTaxAssetsDeferredIncome">
<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 allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from deferred 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32621-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=68052875&amp;loc=d3e28680-109314<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32632-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsDeferredIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DeferredTaxAssetsNet">
<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 allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<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_DeferredTaxAssetsOperatingLossCarryforwards">
<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 allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=68052875&amp;loc=d3e28680-109314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32621-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32632-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DeferredTaxAssetsOther">
<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 allocation of valuation allowance, of deferred tax asset attributable to deductible temporary differences, classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32621-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32632-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=68052875&amp;loc=d3e28680-109314<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DeferredTaxAssetsPropertyPlantAndEquipment">
<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 allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from property, plant, and equipment.</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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DeferredTaxAssetsValuationAllowance">
<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 tax assets for which it is more likely than not that a tax benefit will not be realized.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32537-109319<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 style="white-space:nowrap;">us-gaap_DeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>64
<FILENAME>R44.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6619923792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Details 1) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DisclosureIncomeTaxesDetails1Abstract', window );"><strong>Income Taxes Details 1</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate', window );">Expected benefit from federal taxes at statutory rate of 34%</a></td>
<td class="num">$ (420,300)<span></span>
</td>
<td class="num">$ (195,500)<span></span>
</td>
<td class="nump">$ 97,100<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_IncomeTaxReconciliationStateAndLocalIncomeTaxes', window );">State taxes, net of federal benefit</a></td>
<td class="num">(40,700)<span></span>
</td>
<td class="num">(19,000)<span></span>
</td>
<td class="nump">9,400<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_IncomeTaxReconciliationOtherAdjustments', window );">Expiration of net operating losses</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">89,400<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_IncomeTaxReconciliationNondeductibleExpenseOther', window );">Permanent and other differences</a></td>
<td class="nump">84,500<span></span>
</td>
<td class="nump">91,900<span></span>
</td>
<td class="nump">96,500<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_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance', window );">Change in valuation allowance</a></td>
<td class="nump">376,500<span></span>
</td>
<td class="nump">122,600<span></span>
</td>
<td class="num">(292,400)<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_IncomeTaxExpenseBenefit', window );">Total income tax expense / (benefit)</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_DisclosureIncomeTaxesDetails1Abstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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 style="white-space:nowrap;">pcyo_DisclosureIncomeTaxesDetails1Abstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></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>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<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 current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<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 style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance">
<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 difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to increase (decrease) in the valuation allowance for deferred tax 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=75116654&amp;loc=d3e32123-109318<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 style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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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_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate">
<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 income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<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 style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther">
<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 difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other nondeductible expenses.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<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 style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<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_IncomeTaxReconciliationOtherAdjustments">
<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 difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<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 style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationOtherAdjustments</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes">
<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 difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to state and local income tax expense (benefit).</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32687-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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 style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes</td>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6746788400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INCOME TAXES (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DisclosureIncomeTaxesDetailsNarrativeAbstract', window );"><strong>Income Taxes Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Net operating loss carryforwards</a></td>
<td class="nump">$ 6,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NetOperatingLossCarryforwardsExpired', window );">Net operating loss carryforwards expired</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 239,600<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><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 style="white-space:nowrap;">pcyo_DisclosureIncomeTaxesDetailsNarrativeAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Custom Element.</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 style="white-space:nowrap;">pcyo_NetOperatingLossCarryforwardsExpired</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32559-109319<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 style="white-space:nowrap;">us-gaap_OperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>66
<FILENAME>R46.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6621411168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>401(k) PLAN (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_Disclosure401KPlanDetailsNarrativeAbstract', window );"><strong>K Plan Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedContributionPlanAdministrativeExpenses', window );">Administrative fees paid for plan</a></td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="nump">$ 3,800<span></span>
</td>
<td class="nump">$ 3,600<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_Disclosure401KPlanDetailsNarrativeAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_Disclosure401KPlanDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DefinedContributionPlanAdministrativeExpenses">
<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 administrative expenses incurred by a defined contribution plan.</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 style="white-space:nowrap;">us-gaap_DefinedContributionPlanAdministrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6821755696">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Details)<br></strong></div></th>
<th class="th">
<div>Aug. 31, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent', window );">2017</a></td>
<td class="nump">$ 649,100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears', window );">2018</a></td>
<td class="nump">684,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears', window );">2019</a></td>
<td class="nump">1,142,200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears', window );">2020</a></td>
<td class="nump">2,134,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears', window );">2021</a></td>
<td class="nump">1,032,300<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAxis=pcyo_WISEOperationsMember', window );">Operations</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent', window );">2017</a></td>
<td class="nump">96,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears', window );">2018</a></td>
<td class="nump">96,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears', window );">2019</a></td>
<td class="nump">96,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears', window );">2020</a></td>
<td class="nump">96,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears', window );">2021</a></td>
<td class="nump">96,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAxis=pcyo_WISEWaterDeliveryMember', window );">Water Delivery</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent', window );">2017</a></td>
<td class="nump">45,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears', window );">2018</a></td>
<td class="nump">225,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears', window );">2019</a></td>
<td class="nump">495,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears', window );">2020</a></td>
<td class="nump">675,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears', window );">2021</a></td>
<td class="nump">855,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAxis=pcyo_WISECapitalMember', window );">Capital</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent', window );">2017</a></td>
<td class="nump">464,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears', window );">2018</a></td>
<td class="nump">339,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears', window );">2019</a></td>
<td class="nump">464,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears', window );">2020</a></td>
<td class="nump">1,339,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears', window );">2021</a></td>
<td class="nump">57,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAxis=pcyo_WISEOtherMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent', window );">2017</a></td>
<td class="nump">43,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears', window );">2018</a></td>
<td class="nump">23,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears', window );">2019</a></td>
<td class="nump">86,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears', window );">2020</a></td>
<td class="nump">23,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears', window );">2021</a></td>
<td class="nump">$ 23,600<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFiveYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInFourYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInThreeYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_RelatedPartyTransactionDueFromToRelatedPartyDueInTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_us-gaap_RelatedPartyTransactionAxis=pcyo_WISEOperationsMember">
<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 style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=pcyo_WISEOperationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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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 style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=pcyo_WISEWaterDeliveryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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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_RelatedPartyTransactionAxis=pcyo_WISECapitalMember">
<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 style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=pcyo_WISECapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=pcyo_WISEOtherMember">
<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 style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=pcyo_WISEOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6747148192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>UNAUDITED QUARTERLY FINANCIAL DATA (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="12">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>May 31, 2016</div></th>
<th class="th"><div>Feb. 29, 2016</div></th>
<th class="th" colspan="2"><div>Nov. 30, 2015</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th" colspan="2"><div>May 31, 2015</div></th>
<th class="th" colspan="2"><div>Feb. 28, 2015</div></th>
<th class="th" colspan="2"><div>Nov. 30, 2014</div></th>
<th class="th"><div>Aug. 31, 2016</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
<th class="th"><div>Aug. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_UnauditedQuarterlyFinancialDataDetailsAbstract', window );"><strong>Unaudited Quarterly Financial Data Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
<td class="nump">$ 149<span></span>
</td>
<td class="nump">$ 101<span></span>
</td>
<td class="nump">$ 76<span></span>
</td>
<td class="nump">$ 126<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 135<span></span>
</td>
<td class="nump">$ 120<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 372<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 570<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 452,161<span></span>
</td>
<td class="nump">$ 1,196,569<span></span>
</td>
<td class="nump">$ 2,023,114<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 margin</a></td>
<td class="nump">8<span></span>
</td>
<td class="num">(34)<span></span>
</td>
<td class="num">(44)<span></span>
</td>
<td class="num">(7)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(134)<span></span>
</td>
<td class="num">(19)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">217<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(76,598)<span></span>
</td>
<td class="nump">437,165<span></span>
</td>
<td class="nump">1,247,948<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_OperatingIncomeLoss', window );">Operating loss</a></td>
<td class="num">(618)<span></span>
</td>
<td class="num">(533)<span></span>
</td>
<td class="num">(557)<span></span>
</td>
<td class="num">(472)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(952)<span></span>
</td>
<td class="num">(448)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(324)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">47<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,179,775)<span></span>
</td>
<td class="num">(1,676,947)<span></span>
</td>
<td class="num">(1,244,492)<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_NetIncomeLoss', window );">Net income (loss)</a></td>
<td class="num">$ (521)<span></span>
</td>
<td class="num">$ (422)<span></span>
</td>
<td class="num">$ (271)<span></span>
</td>
<td class="num">$ (97)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (23,082)<span></span>
</td>
<td class="nump">$ 30<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (86)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 10<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,310,607)<span></span>
</td>
<td class="num">$ (23,127,947)<span></span>
</td>
<td class="num">$ (311,444)<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_EarningsPerShareBasicAndDiluted', window );">Basic and diluted income (loss) per share</a></td>
<td class="num">$ (0.03)<span></span>
</td>
<td class="num">$ (0.02)<span></span>
</td>
<td class="num">$ (0.01)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (.96)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (0.06)<span></span>
</td>
<td class="num">$ (0.96)<span></span>
</td>
<td class="num">$ (0.01)<span></span>
</td>
</tr>
<tr><td colspan="16"></td></tr>
<tr><td colspan="16"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Amount is less than $.01 per share</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_UnauditedQuarterlyFinancialDataDetailsAbstract">
<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 );">- References</a><div><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 style="white-space:nowrap;">pcyo_UnauditedQuarterlyFinancialDataDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</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 style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1,2)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</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 style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<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>
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>69
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
